PhonePe Raises $350 Million In Newest Spherical Of Funding, Valued At $12 Billion

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PhonePe plans to make use of the proceeds in infrastructure and new companies. (File)

Bengaluru:

Walmart-owned Indian digital funds app PhonePe mentioned on Thursday it has raised $350 million at a valuation of $12 billion in a funding spherical led by private-equity agency Normal Atlantic.

Funding rounds backed by enterprise capital companies have slowed down, with Indian startups having raised a 3rd lesser final 12 months than in 2021, in response to Enterprise Intelligence.

Beneath strain to chop prices and switch worthwhile, startups have eliminated hundreds of workers within the latest months.

PhonePe, through which U.S. retailer Walmart Inc took possession in 2018, plans to make use of the proceeds in infrastructure and new companies, together with insurance coverage, wealth administration and lending, Chief Government Officer and founder Sameer Nigam mentioned on Thursday.

Final 12 months, the Bengaluru-based funds firm had shifted its dwelling base from Singapore to India and likewise accomplished its separation from ecommerce big Flipkart.

(Apart from the headline, this story has not been edited by String Reveals workers and is revealed from a syndicated feed.)

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