PhonePe – the largest payments app in India – announced it has secured an additional $100 million investment from General Atlantic as part of an ongoing fundraising effort. This latest funding round brings the total investment from General Atlantic and co-investors to $550 million. Plus this investment reaffirmed General Atlantic’s conviction in PhonePe’s business and growth potential. With this latest funding round from General Atlantic, PhonePe has now raised a total of $850 million of primary capital in the current round.
This funding round reportedly values PhonePe at $12 billion. PhonePe spun out of Flipkart last year and the company now processes over 8 billion transactions per month.
What does PhonePe do? PhonePe was launched in December 2015 and emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. And with over 46 crore (460 million) registered users, one in four Indians are now on PhonePe. And the company has also successfully digitized over 3.5 crore (over 35 million) offline merchants spread across Tier 2, 3, 4 and beyond, covering 99% pin codes in the country. Plus PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017 and provided users with safe and convenient investing options on its platform. And since then, the company has introduced several mutual funds and insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services.
