PhonePe Gets Additional $100 Million Fund From General Atlantic

Updated on: 13 April 2023 4:06 pm

The funds will be used to fuel SimpliContracts growth and expansion in the US and European markets, focusing on sales and marketing efforts, as the platform aims to streamline contract processes and enable real-time collaboration for enterprise customers

SaaS Platform SimpliContract Secures $3.5 Million in Funding Photo: The funds will be used to fuel SimpliContract's growth and expansion in the US and European markets, focusing on sales and marketing efforts, as the platform aims to streamline contract processes and enable real-time collaboration for enterprise customers

Decacorn fintech firm PhonePe has received an additional $100 million from General Atlantic during its ongoing fundraise round of $1 billion at a pre-money valuation of $12 billion, the company said on Wednesday.

With this fresh funding, the Walmart group firm has raised $750 million till date.

"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," PhonePe said in a statement.

Follow our WhatsApp channel

General Atlantic has invested $450 million in the ongoing fundraise, Ribbit Capital, Tiger Global and TVS Capital Funds $100 million and Walmart has infused $200 million in the company.

PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.

The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode.