PhonePe has a high $350 million in funding from global growth equity firm General Atlantic at a pre-money assessment of $12 billion.
This venture is the first tranche of the company’s latest fundraising that can witness marquee Global and Indian depositors investing up to $1 billion in Walmart-owned digital payments and financial technology companies.
PhonePe | Digital Payments And Financial Technology
Founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in December 2015, PhonePe is a mobile payments app offering a slew of financial services to users. It also provides several shared funds and insurance products on the podium.
Speaking about the growth, Sameer Nigam, Founder, and CEO at PhonePe said,
“We look forward to bringing the next phase of our growth by investing in new-fangled business verticals like Protection, Wealth Management, and Lending though also facilitating the next wave of development for UPI payments in India.”
Sameer extra that the latest funding round would help the firm further hasten the government of India’s vision of digital financial inclusion for all. The IPO-bound firm claims to have over 400 million listed users, as well as more than 35 million offline merchants, spread across Tier 2 and yonder cities, covering 99% of pin codes in the republic.
Mentioning the development, Shantanu Rastogi, managing director, and head of India at General Atlantic, whispered,
“Sameer, Rahul, and the PhonePe administration team have pursued a mission to drive payments making digital and broaden access to financial tools for the public of India. They remain focused on driving the implementation of inclusive products developed on the open API-based ‘India stack.’ This vision is united with General Atlantic’s longstanding commitment to backing high-growth industries focused on inclusion and empowerment.”