PhonePe raises $350 million at $12 billion valuation

PhonePe plans to use the proceeds in infrastructure and new businesses, including insurance, wealth management and lending, CEO Sameer Nigam

January 19, 2023 12:06 pm | Updated 12:06 pm IST - BENGALURU

Walmart-owned Indian digital payments app PhonePe said on Thursday 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 having raised a third lesser last year than in 2021, according to Venture Intelligence.

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

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

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

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.