India’s PhonePe tops $12 billion valuation in new funding • TechCrunch

PhonePe’s valuation has surged to $12 billion in a new funding round as the Indian fintech huge readies for lifetime with out mother or father firm Flipkart. The Bengaluru-headquartered startup stated it has elevated $350 million and anticipates increasing up to yet another $650 million as section of the spherical.

General Atlantic led the initial tranche of the expense.

$12 billion is a staggering valuation for PhonePe, which was valued at $5.5 billion in late 2020. PhonePe now does a lot less than $500 million in yearly revenue. Paytm, which expects to hit $1 billion in earnings in the monetary year ending March 2023, at present has a market cap of $4.2 billion.

“I would like to thank Common Atlantic and all our current and new buyers for the have faith in they have positioned in us. PhonePe is proud to enable direct India’s place-large digitization initiatives and believes that this impressive community-non-public collaboration has designed the Indian digital ecosystem a global exemplar. We are an Indian corporation, designed by Indians, and our latest fundraise will assist us even further speed up the Government of India’s eyesight of electronic financial inclusion for all,” stated Sameer Nigam, Founder and CEO at PhonePe.

“We glance forward to delivering the up coming phase of our advancement by investing in new company verticals like Insurance, Prosperity Management and Lending, although also facilitating the subsequent wave of advancement for UPI payments in India.’’

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