PhonePe is in talks with General Atlantic to make an investment of $450-500 million. Moreover, General Atlantic is likely to lead the round. Among other participants are Walmart, a parent company, and several existing investors. The new funding is planned to be used to become a financial services super app that can offer everything from payments to insurance to investments to commerce.
PhonePe, Bengaluru, India, was founded by Sameer Nigam (CEO), Rahul Chari (CTO), and Burzin Engineer (CRO) in 2015. 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. 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.
