Following a funding injection by General Atlantic that valued the Walmart-owned finance platform at $12 billion, PhonePe on Thursday joined the decacorn club – with a valuation of more than $10 billion.
The startup said that it will raise up to $1 billion in the next round, which is scheduled to end next month. Indian and brand-new international investors have committed to the cash.
PhonePe has declared a complete split from Flipkart and a shift of domicile to India.
The decacorn club also includes Byju’s, Flipkart, Swiggy, and PhonePe.
With the financing, PhonePe becomes the most valuable fintech company in India at a time when companies are struggling to obtain money due to investors’ excessive caution. The worth of PhonePe in its most recent funding round in December 2020 was $5.5 billion.
PhonePe said that it intended to use the money to expand its financial services operations throughout the nation and make large investments in infrastructure, including the construction of data centers.
The organization also intends to make investments in brand-new industries including financing, wealth management, and insurance. In order to promote more financial inclusion, the firm wants to be at the forefront of the next wave of development for UPI payments, including Credit on UPI and UPI light (the on-device wallet).
“I want to express my gratitude to General Atlantic and all of our supporters, both old and new. PhonePe is happy to support India’s attempts to become digital, according to Sameer Nigam, the company’s founder and CEO.