The decacorn fintech startup PhonePe revealed in an press release that it has secured additional $100 million investment from General Atlantic. Prior to this funding round, General Atlantic and its co-investors have contributed USD 550 million in the ongoing USD 1 billion funding round of PhonePe at a pre-money valuation of USD 12 billion.
“This latest tranche brings the total investment from General Atlantic and its co-investors to USD 550 million. The investment reaffirms General Atlantic‘s conviction in PhonePe’s business and growth potential,” PhonePe said in a statement.
With this latest infusion of capital from General Atlantic, PhonePe has now raised a total of USD 850 million of primary capital in the current round. This is the fifth round of fund raise this year alone.
So far, Ribbit Capital, Tiger Global and TVS Capital Funds have also invested during the current funding round of the company.
The Walmart group firm has over 450 million registered users.
In March, PhonePe raised $200 million from Walmart, and in April another $100 million from General Atlantic.
Backed by the heavy funding, the company has been actively doubling down on its financial services and looking to enter the stockbroking segment and launch consumer lending.