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In January, PhonePe announced raising $1 billion in tranches at a valuation of $12 billion. Since then, the fintech unicorn has raised $550 million from General Atlantic, $100 million from Tiger Global Management, Ribbit Capital and TVS Capital, and $200 million from its largest shareholder--Walmart.
The latest infusion is part of an ongoing $1-billion fundraise to build and scale new businesses and support UPI offerings.
Global private equity firm General Atlantic announced on Monday that it has injected an additional $100 million ( ₹820 crore) into PhonePe, the digital payments company owned by Walmart Inc
Chapman explained how it was critical for fintech businesses to diversify and have different offerings amid rising competition in the space over the last two years. But she said that most of these companies realised that the core lending business is usually the most profitable.
IAMAI has claimed that its members have written to a government panel, opposing ex-ante regulations for digital markets.