General Atlantic Joins PhonePe's $100M Funding Round for Lending Expansion
PhonePe Raises $100M in Ongoing $1B Fundraise for Lending Expansion
13 April 2023
|
Abhisek Dash
PhonePe has raised an additional $100 million in funding from General Atlantic and other investors to expand its presence in the lending space.
With a total of $650 million raised across four tranches, PhonePe is now valued at $12 billion and holds the largest market share among applications using the unified payments interface (UPI) digital payments system.
PhonePe's push into the lending space is a strategic move to capture a significant market share in India's rapidly expanding fintech industry and position itself as a one-stop-shop for all financial services needs in India.
On Wednesday, PhonePe announced that it has raised an additional $100 million from General Atlantic and other investors, as part of its ongoing $1 billion funding round to expand its presence in the lucrative lending space. The Indian payments firm, owned by Walmart Inc., has now raised a total of $650 million across four tranches, including funding from Tiger Global.
As India's most valuable payments firm, PhonePe is estimated to be worth $12 billion. In March, it held the largest market share, at over 46%, among applications using the unified payments interface (UPI) digital payments system, according to data from the National Payments Corporation of India.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
With this latest funding, PhonePe is set to make a big push into the lending space, which is expected to be a key growth area in India's rapidly expanding fintech industry. PhonePe's strong position in the digital payments space will help it to capture a significant market share in the lending segment, where it plans to offer personal loans, business loans, and other lending products to its customers.
PhonePe's ongoing funding round is a clear indication of the company's ambition and its long-term vision for the future. By expanding into the lending space, PhonePe is positioning itself as a one-stop-shop for all financial services needs in India. With its large user base, strong brand, and innovative approach, PhonePe is well-positioned to become a major player in India's fintech industry in the coming years.
Startup news delivered to your mail
Recommended for you
Paytm Loss Widens and Revenue Shrinks as it Grapples with Regulatory Clampdown
Discover 2023's 10 Hottest Upcoming IPOs
India Budget 2024: 5 Key Takeaways for Investors