Indian fintech startup PhonePe has received another $100 million from General Atlantic just three months after an initial $350 million investment by the Venture Capitalist in January.
This marks the fourth tranche of investment in its ongoing financing round. So far the company has raised $750 million in the fundraising round that has seen a $100 million participation from US-based e-commerce giant, Walmart, and $200 million from Tiger Global, Ribbit Capital and TVS Capital Funds.
This latest fundraising brings its ever closer to its $1 billion target, post its completed relocation from Singapore to India. Notably, the ongoing round has valued the company at a pre-money valuation of $12 billion, making it India's most valuable fintech startup.
It plans to deploy these funds to build and scale new ventures like insurance, wealth management, lending, stockbroking, and Open Network for Digital Commerce (ONDC)-based shopping and account aggregators.
It will also help PhonePe grow Unified Payments Interface (UPI) payments in the country, where it is already the market leader.