Indian digital payment app, PhonePE, is gradually moving closer to its ambitious $1 billion primary fundraising target, thanks to another $100 million from growth equity major General Atlantic.
PhonePE has now raised $850 million, at a pre-money valuation of $12 billion. A quick look at Techloy's tally of the funding since the start of this year shows a General Atlantic-led investment of $350 million in January. In February, fintech backer Ribbit Capital, along with TVS Capital Funds and Tiger Global, injected $100 million into the company. In March, retail giant Walmart contributed $200 million, followed by an additional $100 million from General Atlantic in April.
The funding commemorates an important milestone for PhonePe after it separated its ownership from Indian e-commerce company Flipkart, last December. The firm also recently completed three steps to move its domicile to India, transferring all its businesses, including insurance and wealth broking, to PhonePe Pvt Ltd-India which saw it paying a $1 billion tax to the Indian government.
Empowered by substantial funding, PhonePe has been aggressively expanding its financial services offerings. The company is actively focusing on strengthening its presence in the stockbroking segment and preparing to launch consumer lending services.