Indian payments giant PhonePe raises additional $100 million from General Atlantic

Indian payments giant PhonePe has raised an additional $100 million in funding from US-based private equity firm General Atlantic as part of its ongoing fundraising worth $1 billion. The current round values Walmart-backed PhonePe at $12 billion.

This latest funding brings the total investment from General Atlantic and its co-investors to $550 million, the company said. Notably, The latest infusion from General Atlantic brings PhinePe's total raised amount to $850 million in the current round.

The company plans to use the raised capital to build and scale new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators.

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