PhonePe gets $100 million at $12 billion valuation - Times of India
Summary
NEW DELHI: PhonePe has raised a fresh $100 million in funding from existing backer General Atlantic and its co-investors at a pre-money valuation of $12 billion. The investment is part of the fintech majors larger ongoing financing round, through which it aims to garner funding of up to $1 billion from investors.The fresh tranche of capital comes less than a month after majority shareholder Walmart infused $200 million into the company at the same valuation. General Atlantic, a US-based growth equity investor had pumped in $350 million into the firm in January this year, kickstarting PhonePes current $1-billion investment round. Ribbit Capital, TVS Capital Funds and Tiger Global have also backed the round, collectively infusing $100 million into the startup in February.The investment will help fuel the fintech firms expansion plans. PhonePe had earlier said that large portions of its fresh funds will be used to build new businesses like insurance, ONDC-based shopping, wealth management and lending.