India’s PhonePe raises additional $100 million from General Atlantic

BENGALURU (Reuters) -Walmart Inc-owned Indian payments firm PhonePe on Monday said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising.

Including the latest round, PhonePe has raised a total of $850 million so far.

PhonePe is India’s most valuable payments firm with an estimated value of $12 billion and among the country’s most highly-valued startups.

The company plans to deploy these funds to build and scale new businesses including insurance, wealth management and lending, PhonePe said in March.

American retailer Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor in the company.

(Reporting by Hritam Mukherjee and Ashna Teresa Britto in Bengaluru; editing by Eileen Soreng)

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