PhonePe will get extra USD 100 million fund from Common Atlantic

Decacorn fintech agency PhonePe has obtained a further USD 100 million from Common Atlantic throughout its ongoing fundraise spherical of USD 1 billion at a pre-money valuation of USD 12 billion, the corporate stated on Wednesday. With this contemporary funding, the Walmart group agency has raised USD 750 million until date.

“PhonePe confirms a USD 100 million extra tranche of funding from Common Atlantic, a number one world development fairness agency, and its co-investors as a part of our ongoing fundraise. Common Atlantic initially invested USD 350 million in PhonePe in January 2023,” PhonePe stated in a press release.

Common Atlantic has invested USD 450 million within the ongoing fundraise, Ribbit Capital, Tiger International and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million within the firm.

PhonePe plans to deploy these funds to construct and scale new companies like insurance coverage, wealth administration, lending, stockbroking, ONDC-based buying and account aggregators.

The fundraise can even assist PhonePe turbo-charge the following wave of development for UPI funds in India, together with UPI lite and Credit score on UPI.

Not too long ago the corporate additionally introduced its foray into hyperlocal e-commerce via new platform Pincode.

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