Leading online payment unicorn PhonePe is in talks with leading growth equity firm General Atlantic to raise funding at a valuation of more than $12 billion. This would make the payments and financial services company India’s most valuable fintech.
If PhonePe’s funding round with General Atlantic is successful, it will not only surpass Razorpay and Paytm, but will also become a decacorn, joining the likes of Flipkart, Byju’s, and Swiggy. The money will be used to help the Walmart-backed startup achieve its goal of becoming a financial services super app. It intends to provide services ranging from payments to insurance to investments to commerce. PhonePe announced earlier this month that it had relocated its headquarters from India to Singapore.