With the latest funding round, PhonePe has raised $750 million across four tranches.
India’s fintech startup PhonePe has raised an additional $100 million as a part of an ongoing funding round of $1 billion. According to a Reuters report, General Atlantic and other investors infused funds in the Walmart-owned platform for it to expand into the lucrative lending space.
With the latest funding round, PhonePe has raised $750 million across four tranches. As a part of the ongoing fundraising of up to $1 billion in capital, the company raised $200 million in March from Walmart at a pre-money valuation of $12 billion. In February, PhonePe raised $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds at the same valuation. The company raised another $350 million in January from General Atlantic.
The funds raised by the company will be utilized to scale up PhonePe’s payments and insurance businesses in the country. It also plans to launch and “aggressively” scale new businesses like lending, stockbroking, etc over the next few years.
India’s most valued fintech company PhonePe recently reported revenue of $234 million in the first nine months of 2022. This is a jump from the $201.6 million that the company earned in the financial year 2022 or the 12-month period that ended in March 2022.
PhonePe also commanded the largest market share among other United Payments Interface applications at over 46% in March, according to data by the National Payments Corporation of India. The fintech platform reported over 407.63 crore transactions worth Rs 7.07 lakh crore. The startup was acquired by Indian e-commerce major Flipkart in 2016, but the two firms completed the separation process last year. The company relocated its headquarters from Singapore to India last year.
Recently, PhonePe launched its new Shopping app called “Pincode” built on the Indian government’s Open Network for Digital Commerce or ONDC platform. With a focus on hyperlocal commerce, Pincode will offer users the convenience of online shopping at local stores they usually buy from. The app has begun its pilot in the southern Indian city of Bengaluru.
