PhonePe Becomes India’s Most Valuable Startup
Digital payments app PhonePe has raised $350 million in a funding round led by General Atlantic at an evaluation of $12 billion.
What to do with the capital?
It intends to use the new funds to make big investments in infrastructure, including the minutiae of data centers and help build financial services offerings at scale in the country.
PhonePe moreover said that it plans to invest in new businesses, including insurance, wealth management, and lending.
Last month, Flipkart withal with PhonePe spoken the full ownership separation of PhonePe.
This will indulge both to set their own growth paths, build their businesses independently, and help unlock and maximize enterprise value for shareholders of the two companies.
Founder’s statement
PhonePe Group was uninventive by the Flipkart Group in 2016.
Sameer Nigam, Founder and CEO at PhonePe said in his statement, “I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us.
PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar.
We are an Indian company, built by Indians, and our latest fundraise will help us remoter slide the Government of India’s vision of digital financial inclusion for all.
We squint forward to delivering the next phase of our growth by investing in new merchantry verticals like Insurance, Wealth Management and Lending, while moreover facilitating the next wave of growth for UPI payments in India.’’
Deal expectations
General Atlantic is a global private probity firm with increasingly than four decades of wits providing wanted and strategic support for over 445 growth companies throughout its history, with over $73 billion in resources under management.
On the deal, Shantanu Rastogi, Managing Director and Head of India at General Atlantic commented, “Sameer, Rahul and the PhonePe management team have pursued a well-spoken mission to momentum payments digitalization and significantly broaden wangle to financial tools for the people of India.
They remain focused on driving adoption of inclusive products ripened on the unshut API based ‘India stack.’
This vision is aligned with General Atlantic’s longstanding transferral to valuables high-growth businesses focused on inclusion and empowerment.”