Fintech platform PhoneP raised an additional $100 million investment from General Atlantic in its latest funding round. This investment brings General Atlantic’s total investment in PhonePe to $550 million, following a previous $100 million investment from the same firm last month.
With this latest capital infusion, PhonePe has raised a total of $850 million in primary capital in its current funding round. The company, which was founded in 2015, has rapidly emerged as one of India’s leading payment apps, serving over 450 million registered users. PhonePe proudly claims that one in every four Indians is now a user of their platform.
In addition to its user base, PhonePe has made significant strides in digitizing offline merchants in tier 2, 3, and 4 cities. The company has successfully onboarded 35 million offline merchants, enabling them to accept digital payments. PhonePe’s contribution to the Bharat Bill Pay System (BBPS) is also noteworthy, with the platform processing over 45% of the transactions on the BBPS.
The continuous investment from General Atlantic underscores the confidence in PhonePe’s growth potential and its position in India’s digital payment landscape. This infusion of funds will further strengthen PhonePe’s capabilities and help it expand its services to a wider user base. The company’s success in attracting substantial investments reflects the increasing adoption of digital payments in India and the growing prominence of PhonePe as a leading player in the fintech industry.
