PhonePe secures $350 million investment at $12 billion valuation

19 Jan 2023 , 01:29 PM

On Thursday, PhonePe, the Indian digital payments app owned by Walmart, announced that it has raised $350 million in funding at a valuation of $12 billion in a funding round led by private equity firm General Atlantic.

According to Venture Intelligence, funding rounds supported by venture capital firms have slowed down significantly, with Indian startups raising one-third lesser in 2021 compared to the previous year.

Startups have laid off thousands of workers in recent months in order to cut costs and turn a profit.

PhonePe, which was acquired by Walmart Inc in 2018, plans to invest the proceeds in infrastructure and new businesses such as insurance, wealth management, and lending, according to CEO and founder Sameer Nigam.

Last year, the Bengaluru-based payments firm relocated its headquarters from Singapore to India and completed its separation from e-commerce behemoth Flipkart.

PhonePe is an Indian digital payments app that allows users to make payments, transfer money, and recharge their mobile phones and other services. The company was founded in 2015 and has since grown to become one of the most popular digital payment platforms in India. In recent years, PhonePe has expanded its services to include financial services like gold savings, insurance, and mutual funds.

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