PhonePe raises another $100 mn to expand into lucrative lending space

Walmart Inc-owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.

With the latest round, PhonePe, India's most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global.

General Atlantic had invested $350 million in the fintech during the same funding round in January.

At over 46%, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India.