PhonePe in its latest round of ongoing $1 billion fundraising, has raised an additional $100 million from General Atlantic and its co-investors. This year, the company has bagged $850 million as of now.
The estimated valuation of the company is $12 billion
The company has raised $550 million from General Atlantic, $100 million from Tiger Global Management, Ribbit Capital and TVS Capital, and $200 million from its largest shareholder--Walmart.
“The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential,” the firm said in a statement. Other investors like Tiger Global, TVS Capital Funds and Ribbit Capital have also backed the startup’s ongoing funding round which was launched in January.
Earlier in a statement, PhonePe mentioned that the funds will be used to scale up its payments and insurance businesses in India. It will also invest the fund to launch and aggressively scale new businesses like lending, stockbroking, ONDC (open network for digital commerce)-based shopping, and account aggregators over the next few years.
In April, it officially launched Pincode, a new consumer-facing application, which will be a part of the ONDC framework to strengthen its e-commerce forays.
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