PhonePe raises $100 million funding from General Atlantic

Fintech company PhonePe has raised another $100 million from General Atlantic and its co-investors in a new tranche. This is a part of the ongoing $ 1 billion fund raising round at a valuation of $12 billion. In total, PhonePe has raised $ 850 million of primary capital.

This latest tranche has brought the investment from General Atlantic and its co-investors to $550 million. The company has raised $200 million from Walmart which is its largest shareholder. Tiger Global Management, Ribbit Capital and TVS Capital have invested $100 million in total.

PhonePe had announced in January that the company would raise $1 billion in tranches at a valuation of $12 billion. This comes after the company separated fully from Flipkart. At a valuation of $12 billion, PhonePe is India's most valuable fintech, competing with Google Pay and Paytm.

As per Moneycontrol, the company, in its previous statements, has said that it plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC (open network for digital commerce)-based shopping, and account aggregators over the next few years.