Jobaaj Stories
Indian digital payment giant secures a whopping $100 million from General Atlantic in the ongoing $1 Billion funding round.
This Walmart-owned entity intends to seek additional funds to reach its $ 1 billion goal.
General Atlantic, a US-based private company, invested another $350 million in PhonePe in January. Additionally, PhonePe has secured an investment of $100 million from Tiger Global, Ribbit Capital and TVS Capital funds. The company has also raised $100 million in investment from Walmart.
This digital payments company has raised $750 million in its continuing funding round.
PhonePe said it’ll use the funding to expand infrastructure, including creating data centres and establishing large-scale financial services products.
It also intends to engage in new industries like insurance, lending, wealth management, and Open Network for Digital Commerce (ONDC)-based shopping, along with UPI payments in India, such as UPI light and credit.
PhonePe's consolidated operating revenue climbed by 138% in the fiscal year 2021-22 to 1,646 crores, up from 690 crores in FY21. However, its losses escalated with time, rising from 1,728 crores to 2,014 crores.
The corporation's financial statements for the preceding fiscal year are yet to be released.
- Kritika Singhal
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