BENGALURU: Fintech platform PhonePe has secured an additional USD100 million investment from private equity firm General Atlantic, as part of its ongoing fundraise.
The latest tranche brings the total investment from General Atlantic and its co-investors to USD 550 million, PhonePe said. Last month, the company had raised USD 100 million from General Atlantic. The company had raised USD 100 million from TVS Capital, Ribbit Capital and Tiger Global Management and USD 200 million from Walmart. With this latest primary infusion from General Atlantic, PhonePe has now raised a total of USD 850 million of primary capital in the current round.
PhonePe started its fundraising with a target of raising up to USD 1 billion in capital, post its domicile shift to India. Founded in December 2015, it has over 45 crore registered users. Apart from PhonePe, on Monday, in a separate fundraising, Tiger Global Management led a USD 18.85 million funding round in Infinite Uptime, which provides maintenance solutions for industrial machinery. Existing investors such as GSR Ventures, VenturEast, Mayfield and THK also participated in the round. The company is also backed by Belgium based innovative impact investor, KOIS.
“This (fundraising) will enable us to invest heavily into fundamental research & product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market,” said Raunak Bhinge, Founder and CEO, Infinite Uptime.