PhonePe Raises $350 M From General Atlantic

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Walmart-owned PhonePe announced on Thursday that it has raised $350 million from General Atlantic, a global growth equity firm, at a pre-money valuation of $12 billion.

PhonePe plans to use the funds to make investments in infrastructure, including the development of data centres and help build financial services offerings at scale in the country. 

Moreover, the company plans to invest in new business verticals like Insurance, Wealth Management and Lending. The funding will also help PhonePe scale UPI payments in India, including UPI lite and credit on UPI.

Founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe offers its users a slew of financial services. The company claims to have over 400 million registered users and over 35 million offline merchants, covering 99 per cent of pin codes in the country.

In the last fiscal year, PhonePe’s consolidated operating revenue more than doubled to Rs 1,646 crore from Rs 690 crore in the last fiscal. However, its loss jumped to Rs 2,014 crore from Rs 1,728 crore in the previous fiscal.



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