Maya Robertson
Indian digital payments and financial services giant PhonePe announced on Monday that it has raised an additional $100 million from General Atlantic.
The news comes four months after the American growth equity firm led a $350 million investment in the Bengaluru-based company, which has raised $850 million in total so far and aims to secure another $150 million.
With a valuation of over $12 billion and more than 450 million registered users, PhonePe is the most valuable fintech startup in India where it competes with Paytm and Google Pay.
According to Apptopia, its mobile payments app became the most popular finance app in the world last year, when it garnered 94 million new installs.
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As reported by TechCrunch, the company is planning to use the funds to expand into new financial services, such as lending, wealth management, stockbroking, and ONDC-based shopping.
Meanwhile, PhonePe confirmed late last month that it is set to launch an Android app store in India to rival Google’s Play Store.
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