PhonePe raises $350 million at $12 billion valuation

BusinessPhonePe raises $350 million at $12 billion valuation
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The company plans to make significant investments in infrastructure, including the development of data centres, and provide financial services on a large scale in the country with the freshly raised capital.

New Delhi:

Walmart-owned digital payments app PhonePe said it has raised $350 million led by private equity firm General Atlantic at a valuation of $12 billion. “Marquee global and Indian investors are also participating in this round,” PhonePe said in a statement. American retail company Walmart acquired the ownership of PhonePe in 2018.

The company plans to make significant investments in infrastructure, including the development of data centres, and provide financial services on a large scale in the country with the freshly raised capital. Apart from this, the company also wants to invest in new businesses including insurance, wealth management and lending.

PhonePe, founded in December 2015, has over 400 million registered users and over 35 million merchants. These traders are spread from big cities to small towns.

Company founder and CEO Sameer Nigam said PhonePe is an Indian company, built by Indians, and the fresh funding will help it invest in new business segments such as insurance, wealth management and lending. Also fueling the next wave of growth for UPI payments in India.

Credit: ndtv.in /

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