PhonePe joins India’s Decacorn Club by raising $350 Mn
Payments and financial services unicorn PhonePe has raised $350 million funding from General Atlantic at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India.
With this funding round, the indigenous digital payments start-up has more than doubled its valuation to $12-billion, joining the decacorn club. The investment is the first tranche of the company’s latest fundraise that could see marquee global and Indian investors put in up to $1 billion in the fintech firm.
General Atlantic will be infusing substantial capital, along with Walmart and other new investors, to a final raise of $1 billion. Additionally, Qatar Investment Authority and Microsoft have brought shares directly into the company as part of its complete separation from Flipkart.
PhonePe plans to deploy the funds to make investments in infrastructure, including development of data centres and build financial services offerings at scale in the country. The company also plans to invest in new businesses, including insurance, wealth management, and lending.
Sameer Nigam, Founder and Chief Executive Officer, PhonePe, said, “We are an Indian company built by Indians. Our latest fundraise will help us further accelerate the Government of India’s vision of digital financial inclusion for all.” PhonePe said the funding will help it “turbo-charge” digital payments in India and enable greater financial inclusion.
He further said, “We look forward to delivering the next phase of growth by investing in new business verticals like insurance, wealth management, and lending, while also facilitating the next wave of growth for Unified Payments Interface (UPI) payments in India.”
INTERVIEWS
TOP VIDEOS
SECURITY
SOFTWARE
SAP Cloud To Support Dimexon
SAP Cloud is supporting Dimexon in its journey to make sustainable luxury accessible to cu...
Bank of Abyssinia chooses Newgen for delivering superior Customer Experience
Newgen Software announced that Bank of Abyssinia, one of the fastest growing banks in Etho...
Quest Global together with NVIDIA to build Omniverse Digital Twin Solutions
Quest Global announced its development of new services and solutions, based on the NVIDIA...
START - UP
PERIPHERALS
INDUSTRY EVENTS
ASIRT 107th TECHDAY conducted in Mumbai
The Association of System Integrators and Retailers in Technology (ASIRT) conducted its ma...
OITF 2023 lays stress on how the Digital Workplace trends are getting redefined
Technology is an enabler. It provides the means to create and make a difference, which ult...
Hikvision showcases Problem-Solving Retail Security Solutions in National Retail Federation Show
Hikvision is excited to attend the National Retail Federation’s NRF 2023 Retail Show...
Canalys Forums 2023 coming to Bangkok, Barcelona and Palm Springs
Canalys has announced the dates and locations for its 2023 forums, with the global analyst...
E- COMMERCE
