PhonePe raises USD 350-Mn at USD12-Bn valuation
PhonePe raises USD 350-Mn at USD12-Bn valuation
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BANGALORE: Fintech platform PhonePe said it has raised USD 350 million in funding from General Atlantic, a leading global growth equity entity, at a pre-money valuation of USD 12 billion.

Marquee global and Indian investors also took part in the round. The investment is the initial portion of a fundraising that will last up to USD1 billion and started in January 2023.

The fundraising comes after PhonePe's recently disclosed relocation to India and complete separation from Flipkart.
"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," Sameer Nigam, Founder and CEO, PhonePe, said.

The new funds will be used by PhonePe to expand its infrastructure investments, including the construction of data centres, and to support the growth of a broad range of financial services in the nation.

PhonePe also intends to make investments in brand-new industries like financing, insurance, and wealth management.PhonePe covers 99 percent of the country's pin codes and has over 400 million registered users. It has also digitalized over 35 million offline businesses located in Tier 2, 3, and 4 cities and beyond.

The company recently announced a full separation from the Flipkart Group.

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