Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Hyperface and Tutelar tie- up for fraud and risk management services

    May 6, 2024

    PhonePe ties up with Star Health Insurance offers monthly payments plan

    April 17, 2024

    Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance

    April 17, 2024
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic
    Fintech

    PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic

    PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country.
    January 23, 20232 Mins ReadBy Bfsinxt Desk
    Twitter LinkedIn WhatsApp

    PhonePe, one of India’s largest fintech platforms, today announced it has raised $350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion. Marquee Global and Indian investors are also participating in the round. The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023. The fundraise follows PhonePe’s recently announced change of domicile to India and full separation from Flipkart.

    PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country. The company also plans to invest in new businesses, including Insurance, Wealth Management, and Lending. The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

    “I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar. We are an Indian company, built by Indians, and our latest fundraise will help us further accelerate the Government of India’s vision of digital financial inclusion for all,” said Sameer Nigam, Founder and CEO at PhonePe.

    “We look forward to delivering the next phase of our growth by investing in new business verticals like Insurance, Wealth Management and Lending, while also facilitating the next wave of growth for UPI payments in India.’’

    “Sameer, Rahul and the PhonePe management team have pursued a clear mission to drive payments digitalization and significantly broaden access to financial tools for the people of India. They remain focused on driving adoption of inclusive products developed on the open API based ‘India stack.’ This vision is aligned with General Atlantic’s longstanding commitment to backing high-growth businesses focused on inclusion and empowerment,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic. “We are excited to partner with the PhonePe team to help enable the next generation of digital innovation in India.”

    Previous Article360 ONE acquires Mumbai Angels; announces two new funds with them
    Next Article YES BANK adopts Bloomberg’s MARS to support transition to Risk-Free Rates
    Bfsinxt Desk

    Related Posts

    Hyperface and Tutelar tie- up for fraud and risk management services

    May 6, 2024

    Paytm gets approval by NCPI to participate in UPI as a TPAP

    March 21, 2024

    Over One Lakh downloads of PhonePe’s Indus Appstore in three days of launch

    March 15, 2024

    PhonePe launces Indus Appstore: may turn to be a paradigm shifts in India’s Digital transition

    March 5, 2024

    Leave A Reply Cancel Reply

    Recent Posts

    • Hyperface and Tutelar tie- up for fraud and risk management services
    • PhonePe ties up with Star Health Insurance offers monthly payments plan
    • Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance
    • Cashfree Payments launches ‘RiskShield’ to combat cyber payment frauds
    • Mastercard ties-up with Alipay for cross-border solutions

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    Aditya Birla Housing Finance launches ‘ABHFL- Finverse’ for better loan experience

    March 30, 2024

    Shriram Finance raises USD 750mn through Social Bond from International Bond Markets

    January 23, 2024

    Karnataka Bank and Clix Capital enter into a Co-Lending Partnership

    January 17, 2024

    UGRO Capital raises USD 30 Million through NCDs from FMO

    January 2, 2024
    New Policy
    Policy

    Reserve Bank of India opens Sub-office in Itanagar, Arunachal Pradesh

    October 23, 20230By Bfsinxt Desk

    On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated…

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 2022

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2025 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.