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PhonePe raises additional $100 million from PE firm General Atlantic

Walmart Inc-owned payments firm PhonePe said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising

PhonePe

Reuters BENGALURU

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BENGALURU (Reuters) -Walmart Inc-owned Indian payments firm PhonePe on Monday said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising.
Including the latest round, PhonePe has raised a total of $850 million so far.
PhonePe is India's most valuable payments firm with an estimated value of $12 billion and among the country's most highly-valued startups.
The company plans to deploy these funds to build and scale new businesses including insurance, wealth management and lending, PhonePe said in March.
American retailer Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor in the company.
(Reporting by Hritam Mukherjee and Ashna Teresa Britto in Bengaluru; editing by Eileen Soreng)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 22 2023 | 1:37 PM IST

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