PhonePe raises $350 million at $12 billion valuation

Walmart-backed Indian digital payments app PhonePe has raised $350 million in a funding round led by private equity firm General Atlantic that valued the company at $12 billion.

PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country.

PhonePe also said that it plans to invest in new businesses, including insurance, wealth management, and lending.

 Last month, Flipkart, which is owned by Walmart, and PhonePe today announced the full ownership separation of PhonePe.

This move will allow both companies to chart their own growth paths, build their businesses independently, and help unlock and maximize enterprise value for shareholders of the two companies.

The PhonePe Group was acquired by the Flipkart Group in 2016.

General Atlantic is a global private equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history.

General Atlantic currently has over $73 billion in assets under management.