PhonePe Another Funding
Digital Payments and Financial Services Unicorn, PhonePe raised another $100 million at pre valuation of $12 billion from General Atlantic. In January, it announced to raise $1 Billion in parts at a $12 billion valuation.
Since January, It has raised $350 million from General Atlantic, $200 million from Walmart, and $100 million from Tiger Global Management.
The company follows the company’s spin-off from Flipkart, which was announced in December. Flipkart’s spin-off also completes Phonepe’s spin-off, which was started in 2022 to be a Full Indian-Based company.
The company has already revealed its roadmap to utilize its raised funds. They Deploy their funding to expand payments and insurance businesses in India. Also, the company planned to launch lending, stockbroking, and ONDC in the next few years.
PhonePe was founded by Nigam, Rahul Chari, and Burzin Engineer, in 2015. It has 400 million registered users. Forty-seven percent of the monthly UPI transactions will be done from this app.
In 2017, the company expanded and added new products and services in the App like Buy gold, insurance, mutual funds, and bill payments. In addition, last year, fintech acquired four companies, including IndusOS, OpenQ, WealthDesk, and GigIndia.