PhonePe is an e-commerce payment system and digital wallet company that allows users to transfer money instantly to anyone, by using just their mobile number. The users of PhonePe can send and receive money, recharge mobile, DTH and data cards, make utility payments, pay at shops, invest in tax-saving funds, and buy insurance, mutual funds, gold and silver.
PhonePe has secured an additional $100 million investment from General Atlantic, as part of its ongoing fundraise. This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. PhonePe intends to deploy the fresh funding to build and scale new businesses like Insurance, Wealth Management, Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators. Recently in March, the company raised $200 million in primary capital at a pre-money valuation of $12 billion.
PhonePe, Bengaluru, India, was founded by Sameer Nigam, Rahul Chari, and Burzin Engineer 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.