PhonePe, a Bengaluru-based fintech platform, has raised an additional $100 million from General Atlantic as part of its $1 billion round following its domicile shift to India in 2022. The latest funding brings the total fundraise by the company to $750 million in the past three months, and it has a pre-money valuation of $12 billion. PhonePe plans to use the proceeds to scale up its payments and insurance businesses, as well as launch new businesses such as lending, stockbroking, ONDC, and account aggregators over the next few years. The company is targeting to turn its core business profitable in 2023 and is betting big on lending, cross-sell opportunities, gateway business, and e-commerce. PhonePe claims to have over 400 million registered users and leads the UPI space, holding over 50% market share by value. According to the information provided, PhonePe is aiming to turn its core business profitable in 2023 and has identified lending, cross-selling, gateway business, and e-commerce as key areas for growth. Despite this, PhonePe’s revenue increased significantly by 2.4 times from Rs 690 crore to Rs 1,646 crore in FY22. However, the firm’s losses grew by 16.5% to Rs 2,014 crore during the same period.