Phone Pe raises $100 million in funding

13 Apr 2023 , 02:11 AM

On Wednesday, it was reported that General Atlantic has invested an additional $100 million in PhonePe as part of the company’s $1 billion primary funding plan. Sources familiar with the matter suggest that General Atlantic may invest an additional $100-200 million in the future, subject to meeting certain conditions and milestones.

One of the sources stated that the expected investment from General Atlantic is likely to take place in the coming weeks. However, it is dependent on achieving specific conditions and goals.

If General Atlantic follows through with the additional investment, the private equity firm, and its affiliates would have contributed between $550-600 million towards PhonePe’s fundraising efforts. This amount of funding is significant, given the current slowdown in funding for Indian startups, and it exceeds the initial estimation of $350-450 million that General Atlantic was expected to invest in the round.

Similar to previous rounds of funding, the latest investment from General Atlantic was made at a pre-money valuation of $12 billion. This brings the total investment from General Atlantic and its affiliates to $450 million for this fundraising initiative.

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