Three months after leading an investment of $350 million in the Indian fintech startup that has so far raised $750 million in an ongoing financing round, General Atlantic has invested another $100 million in PhonePe.
PhonePe, backed by Walmart, disclosed the investment in a Wednesday filing with the local regulator. The investment was confirmed by a company spokesperson. The startup with its headquarters in Bengaluru is valued at $12 billion in the current round. In the current round, PhonePe hopes to raise up to $250 million more.
More about investments in PhonePe
PhonePe is India’s most valuable fintech startup, with a $12 billion valuation. It rivals Google Pay and Paytm, the last option of which is presently esteemed at almost $5 billion.
PhonePe, which finished a full detachment from the web based business goliath Flipkart keep going year, overwhelms exchanges on UPI, an organization worked by an alliance of retail banks in India. Over 8 billion transactions are processed each month using UPI, making it the most popular method of online transaction for Indians. More than 80% of all UPI transactions are currently processed by PhonePe and GPay from Google.
PhonePe, which has been around for seven years, controls approximately fifty percent of all these value-added transactions and is not slowing down. The business stated earlier this year that it was on track to process $1 trillion in annual transactions.
According to people familiar with General Atlantic’s plans, the growth equity investor with its headquarters in New York intends to invest at least $2 billion to $3 billion in India over the course of the next five to seven years. The company has supported a number of Indian companies over the course of the past ten years, including Jio, BillDesk, Byju’s, Amagi, NoBroker, and Unacademy.
