BENGALURU: Fintech platform PhonePe has raised an additional $100 million from General Atlantic. The company has confirmed the fundraising.
“PhonePe confirms a $100 million additional tranche of investment from General Atlantic, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested $350 million in PhonePe in January 2023,” a spokesperson from PhonePe said.
In January, it raised $350 million, and in the following month, it raised another $100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-money valuation of $12 billion.
The fintech company plans to deploy these funds to scale up its payments and insurance businesses in the country.
PhonePe started its fundraising with a target of raising up to $1 billion in capital, post its domicile shift to India. The fintech company’s co-founder and CEO Sameer Nigam recently said that PhonePe investors have paid Rs 8,000 crore in taxes to shift its domicile from Singapore to India.
PhonePe moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly and also announced its separation from Flipkart.
Recently, it launched its hyperlocal commerce app ‘Pincode’, which is built on the Open Network for Digital Commerce (ONDC) platform.
PhonePe believes that ONDC can foster the rapid growth of a new hyperlocal e-commerce business model.