Including the latest round, PhonePe has raised a total of $850 million to date.
Walmart-owned Indian payments firm Fonpe said Monday it had secured an additional $100 million from private equity firm General Atlantic in the latest round of an ongoing $1 billion funding round.
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Including the latest round, PhonePe has raised a total of $850 million to date.
PhonePe is India’s most valuable payments company with an estimated value of $12 billion, making it one of India’s most valued startups.
PhonePe said in March that it plans to use the funds to build and expand new businesses such as insurance, wealth management and lending.
American retailer Walmart, which acquired a majority stake in PhonePe in 2018, will continue to be the majority investor in the company.
Date first published: May 22, 2023, 12:50 IST