General Atlantic raised its bets on Walmart Inc.-owned PhonePe as the US private equity firm led a fresh funding of $100 million ( ₹820 crore) in the Indian digital payments platform.
Other investors joined General Atlantic in the investment that was made at a pre-money valuation of $12 billion, PhonePe said in a statement on Wednesday. It didn’t disclose General Atlantic’s share in the total fundraise.
This is in addition to the $350 million raised by PhonePe from General Atlantic this January as part of its ongoing target to raise a total of $1 billion. It has raised $750 million so far.
PhonePe had previously raised $100 million from Tiger Global, Ribbit Capital and TVS Capital, as well as $200 million from its parent Walmart.
PhonePe is looking to deploy the funds to boost infrastructure, including the development of data centers, and to build financial services offerings at scale, the company said at the time of announcing its $1 billion fundraise.
Diese Geschichte stammt aus der April 13, 2023-Ausgabe von Mint Mumbai.
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