PhonePe raises $350 mn at $12 billion valuation; funding plans mapped [details]

Fintech platform PhonePe on Thursday stated it has raised $350 million in funding from Basic Atlantic, a number one international development fairness agency, at a pre-money valuation of $12 billion.

Marquee international and Indian buyers additionally participated within the spherical. The funding marks the primary tranche of an as much as $1 billion whole fundraise that commenced in January 2023.

The fundraise follows PhonePe’s just lately introduced change of domicile to India and full separation from Flipkart.

“We stay up for delivering the following section of our development by investing in new enterprise verticals like insurance coverage, wealth administration, and lending, whereas additionally facilitating the following wave of development for UPI funds in India,” Sameer Nigam, Founder and CEO, PhonePe, stated.

Funding plans mapped

PhonePe plans to deploy the brand new funds to make important investments in infrastructure, together with the event of information centres and assist construct monetary companies choices at scale within the nation.

The corporate additionally plans to spend money on new companies, together with insurance coverage, wealth administration, and lending.

PhonePehas over 400 million registered customers and has additionally digitised over 35 million offline retailers unfold throughout Tier 2, 3, and 4 cities and past, overlaying 99 per cent of pin codes within the nation.

It just lately introduced a full separation from the Flipkart Group.

(With inputs from IANS)