PhonePe gets another $100 million from General Atlantic

PhonePe plans to use the funding to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators.

Recently, PhonePe launched a shopping app called 'Pincode'. Source: Pixabay

Digital payments and financial services unicorn PhonePe has received $100 million as a part of its ongoing fundraising of $1 billion from General Atlantic, a leading global growth equity firm. Other co-investors also participated in the round.

Since starting its business in 2015, PhonPe has raised a total of $1.45 billion funding including this latest tranche of $100 million. As part of its $1 billion fundraising, PhonePe earlier raised $350 million from General Atlantic in January 2023, $100 million from Tiger Global Management, Ribbit Capital, and TVS Capital, and $200 million from Walmart.

PhonePe plans to use the funding to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators.

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Recently, it launched a shopping app called 'Pincode' built on top of the ONDC platform. Pincode is currently live only for Bangalore-based customers.

ALSO READ: Phonepe launches shopping app Pincode on ONDC network

The app will focus on hyperlocal commerce and is now available for download on Google Play Store and App Store.

The Pincode app will support neighbourhood retailers and vendors and aims to digitally link customers to all the local shops they often visit in person while providing the ease of online buying, fantastic savings, and quick refunds and returns.

PhonePe competes with fintech companies like Paytm and BharatPe. Last year in July, PhonePe rolled out its speaker device for merchants. The company claims to deploy 20 lakh smart speakers within six months of its launch.

ALSO READ: UPI app wars: PhonePe has the new tech to maintain supremacy over rivals Paytm, GooglePay

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