New Delhi: On Monday, General Atlantic which is an American growth equity firm declared its latest additional investment worth $100 million (Rs 820 crore) in a digital payment firm owned by Walmart Inc as a part of its $1 billion investing round. The fintech app has raised $550 million from the investment till date.
While PhonePe has got investment from General investment worth $850 million, several other investors took part in the funding round such as Phonepe received a $100 million investment from Tiger Global, Ribbit Capital and TVS Capital. With this, PhonePe’s parent company Walmart also invested $200 million in it contributing to its extensive fundraising efforts.
PhonePe’s Moto
All these investment funds that the digital wallet and online payment application PhonePe is generating will be used to deploy the funds to build up its infrastructure, develop the data centres, to level up the financial service scale in the country, the firm said at the time when it announced its $1 billion fundraising.
The fintech unicorn also is looking forward to investing in new business lines like insurance, wealth management, Open Network for Digital Commerce (ONDC)- based shopping and lending, adding further it also aims to scale UPI payments in India, including UPI lite and credit on UPI.
In the month of March, PhonePE stood at the number 1 position amongst all other UPIs after it processed nearly 47% of all the UPI transactions.
In total, nearly 407.63 crore transactions worth Rs 7.07 lakh crore were processed. After PhonePe, Google Pay and Paytm stood in the queue. 96% of the market share has been captured by these 3 apps.
Recently, PhonePe changes its domicile to India which costed Rs 8,000 crore in taxes.
