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PhonePe Raises $350 Million At $12 Billion Valuation

PhonePe Raises $350 Million At $12 Billion Valuation

PhonePe plans to use the proceeds to fund infrastructure and new businesses. (file)


Walmart-owned Indian digital payments app PhonePe on Thursday said it has raised $350 million at a valuation of $12 billion in a funding round led by private-equity firm General Atlantic.

Funding rounds backed by venture capital firms have slowed down, with Indian startups raising a third less than last year in 2021, according to Venture Intelligence.

Under pressure to cut costs and turn profitable, startups have laid off thousands of employees in recent months.

PhonePe, which US retailer Walmart Inc took ownership of in 2018, plans to use the proceeds to invest in infrastructure and new businesses including insurance, wealth management and lending, Chief Executive Officer and founder Sameer Nigam said on Thursday.

See also  Zomato Posts Smaller Q2 Net Loss At $31 Million As Online Orders Rise

Last year, the Bengaluru-based payments company shifted its home base from Singapore to India and also completed its separation from e-commerce giant Flipkart.

(Except for the headline, this story has not been edited by Our Source staff and is published from a syndicated feed.)

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