Payments and financial services unicorn PhonePe has raised $350 million in a new funding round from General Atlantic, at a valuation of over $12 billion. The investment makes PhonePe the most valued fintech company in India.
According to a statement released by the company on January 19, PhonePe intends to raise as much as $1 billion in the current funding round in tranches. This marks a significant milestone for the Walmart-backed startup, which has been making waves in the Indian fintech sector since its launch in 2016.
With this latest funding, PhonePe will look to expand its suite of financial services further and strengthen its position as a one-stop shop for all financial needs. The company currently offers various services, including UPI payments, mobile recharges, utility bill payments, travel bookings, and more.
In recent years, PhonePe has emerged as a leading player in India’s rapidly growing digital payments market, which is expected to reach $1 trillion by 2023. The company has already carved out a strong niche for itself in the market and boasts over 200 million users.
This latest round of funding will enable PhonePe to continue its growth trajectory and take on new challenges in the fintech space. The company’s vision of providing accessible and affordable financial services to millions of Indians is quickly becoming a reality, and this latest investment clearly indicates the market’s confidence in PhonePe’s ability to execute its plans.
Overall, the news of PhonePe’s latest funding round is a positive development for the Indian fintech sector. It signals a bright future for the company as it scales and brings innovative financial services to the masses.”