PhonePe to Raise $700 Million at a $12 Billion Valuation

PhonePe is a digital payment and fintech company. With the help of the service, PhonePe’s customers can send and receive money, recharge mobile, DTH, and data cards, invest in tax saving funds, liquid funds, buy insurance, pay in shops, make utility payments, etc.

PhonePe is in talks with Walmart, a parent company, General Atlantic, and other existing investors. The new funding is planned to be used for scaling up operations, as well as competition with Amazon Pay, Paytm, and GooglePay. After the round is completed, PhonePe valuation will double up to $12 billion. The last round was in December 2020.

PhonePe, Bengaluru, India, was founded by Sameer Nigam (CEO), Rahul Chari (CTO), and Burzin Engineer (CRO) in 2015. As of now, the company has three own data centers, one of which is the country’s first data center with smart cooling technology in Mumbai. PhonePe’s platform has more than 400 million users with approximately 3.6 billion transactions per month. This is 120 million transactions per day, the company plans to be prepared for 500 million daily transactions.

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