PhonePe scoops $350 Million in funding led by General Atlantic at $12 Billion valuation
- ByStartupStory | January 19, 2023
PhonePe, an Indian digital payments app backed by Walmart, has raised $350 million in a funding round led by private equity firm General Atlantic, valuing the company at $12 billion.
PhonePe intends to use the new funds to make significant infrastructure investments, including the development of data centres, and to assist in the development of large-scale financial services offerings in the country.
PhonePe also stated that it intends to invest in new ventures such as insurance, wealth management, and lending.
Flipkart, which is owned by Walmart, and PhonePe announced the separation of their ownership of PhonePe last month. This move will enable both companies to chart their own growth paths, build their businesses independently, and unlock and maximise enterprise value for the two companies’ shareholders. In 2016, the Flipkart Group purchased the PhonePe Group.
“I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar. We are an Indian company, built by Indians, and our latest fundraise will help us further accelerate the Government of India’s vision of digital financial inclusion for all,” said Sameer Nigam, Founder and CEO at PhonePe.
“We look forward to delivering the next phase of our growth by investing in new business verticals like Insurance, Wealth Management and Lending, while also facilitating the next wave of growth for UPI payments in India.’’
General Atlantic is a global private equity firm that has over four decades of experience providing capital and strategic support to over 445 growth companies. General Atlantic currently manages over $73 billion in assets.
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