BENGALURU (Reuters) – Walmart Inc-owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.
With the latest round, PhonePe, India’s most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global.
General Atlantic had invested $350 million in the fintech during the same funding round in January.
At over 46%, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sohini Goswami)
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