PhonePe raises $350 million from GA at $12 billion valuation

MUMBAI: PhonePe has raised $350 million from growth equity firm General Atlantic at a valuation of $12 billion. The investment marks the first tranche of an up to $1 billion total fundraise that commenced this month. The fundraise follows PhonePe’s recently announced change of domicile to India and full separation from Flipkart.
PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centres and help build financial services offerings at scale in the country. Sameer Nigam, founder & CEO of PhonePe, said, “We look forward to delivering the next phase of ourgrowth 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. ’’ UPI has recently introduced UPI lite and credit on UPI to enable greater financial inclusion.
Founded in December 2015, PhonePe has over 400 million registered users. It has also digitised over 35 million offline merchants spread across tier -2, -3, and -4 cities and beyond, covering 99% of pincodes in India.
PhonePe recently announced separation from the Flipkart Group. This move will allow both companies to chart their own growth paths, build their businesses independently, and help unlock and maximise enterprise value for shareholders of the two companies.

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