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Walmart Inc -owned Indian payments firm, PhonePe, on Wednesday, said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.
General Atlantic had invested $350 million in the fintech during the same funding round in January. With this round, General Atlantic has invested $450 million in PhonePe’s ongoing funding round.
In March, PhonePe had received an additional $200 million in primary capital from Walmart and $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds in February.
Also read: Zestmoney cuts 20% of its workforce after PhonePe deal collapse
Including the latest tranche, the company has raised a total of $750 million in the ongoing funding round. In an earlier press statement, PhonePe said that it plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. The fundraise will also be used to support offerings like UPI Lite and credit on UPI.
In late December 2022, Walmart-owned Flipkart and PhonePe had announced the full ownership separation of PhonePe. PhonePe also hit an annualised total payment value (TPV) run rate of $1 trillion (₹84-lakh crore) in March 2023. The fintech major attributed this growth to PhonePe holding over 50 per cent market share by value in the UPI payments space.
Also read: PhonePe launches new shopping app Pincode on ONDC
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