PhonePe nets yet another $100m as billion-dollar funding plan continues


PhonePe, an Indian payments application, has netted yet another $100m in funding as it continues its path to raising $1bn in funding.

The funding was provided by General Atlantic and its co-investors. Following this recent tranche, PhonePe has now raised a total of $750m.

According to FinTech Futures, PhonePe claims its plans on entering and scaling new businesses such as insurance, wealth management, lending, stockbroking, shopping and account aggregators with the new funding.

The company has raised a considerable amount over the last few months. Back in January, PhonePe entered the Deacorn club following the closing of a $350m funding round, which doubled its valuation to $12bn.

In Feburary, PhonePe raised another $100m in primary capital as the company continued its funding spree. The funding was raised by Ribbit Capital, TVS Capital Funds and Tiger Global.

Then in March the company raised $200m in a primary capital investment from Walmart.

After the March fundraise, the company quipped that it was looking to build and scale new businesses, including insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.

Established in 2015, PhonePe claims to be India’s largest payments app, catering to both consumers and merchants, serving over 440 million users across the subcontinent. It offers payment services, including bill payments, as well as investments and insurance products.

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