Private equity firm General Atlantic has made a $350 million investment in Walmart-backed PhonePe at a $12 billion valuation, making it India’s most valuable payments firm, according to a report by Reuters.
Private equity firm General Atlantic has made a $350 million investment in Walmart-backed PhonePe at a $12 billion valuation, making it India’s most valuable payments firm, according to a report by Reuters.
The report cites a PhonePe spokesperson as confirming that a second tranche of investments from global and Indian investors is expected to close next month.
In a statement, PhonePe founder and chief executive Sameer Nigam said that the company will use the new funds to develop infrastructure and support expansion into the financial services space.