Decacorn fintech agency PhonePe on Monday mentioned it has secured a further $100 million (about Rs. 828 crore) funding from Normal Atlantic.
With this fundraising, Normal Atlantic and its co-investors have contributed $550 million (roughly Rs. 4,555 crore) within the ongoing $1 billion (roughly Rs. 8,282 crore) funding spherical of PhonePe at a pre-money valuation of $12 billion (roughly Rs. 99,387 crore).
“PhonePe is happy to announce that it has secured a further $100 million funding from Normal Atlantic, a number one world progress fairness agency, as a part of its ongoing fundraise.
“This newest tranche brings the entire funding from Normal Atlantic and its co-investors to $550 million. The funding reaffirms Normal Atlantic’s conviction in PhonePe’s enterprise and progress potential,” PhonePe mentioned in a press release.
With this newest main infusion from Normal Atlantic, PhonePe has now raised a complete of $850 million (roughly Rs. 7,000 crore) of main capital within the present spherical.
Ribbit Capital, Tiger World and TVS Capital Funds have additionally invested through the present funding spherical of the corporate.
The Walmart group agency has over 450 million registered customers.
In February, PhonePe raised one other $100 million in main capital from new buyers Ribbit Capital and TVS Capital Funds with participation from present investor Tiger World, at a pre-money valuation of $12 billion (roughly Rs. 99,400 crore). This adopted a $350 million (roughly Rs. 3,000 crore) main fundraise by the corporate on January 19 from Normal Atlantic.
PhonePe plans to deploy these funds to scale up its funds and insurance coverage companies in India, in addition to to launch and aggressively scale new companies like lending, stockbroking, ONDC-based procuring and account aggregators over the following few years.