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PhonePe Raises $350 Mn From General Atlantic, Joins India’s Decacorn Club

PhonePe Raises $350 Mn From General Atlantic, Joins India’s Decacorn Club

PhonePe Raises $350 Mn From General Atlantic, Joins India’s Decacorn Club: Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India. The investment is the first tranche of the company’s most recent round of funding, which may see influential foreign and Indian investors invest up to $1 billion in the fintech company. With this funding round, the home-grown digital payments start-up has more than doubled its valuation — from $5.5 billion in 2020. With a $12-billion valuation, it has joined the decacorn club.

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More About This Fundraise By PhonePe:

Significance of This Move:

The money, according to PhonePe, which was established in December 2015, will enable it to “turbo-charge” digital payments in India and promote greater financial inclusion. The company has more than 400 million registered users, implying more than one in four Indians use its services.PhonePe has the largest market share in the UPI payments space. With this fundraise, PhonePe ranks above other decacorns like Swiggy, Oyo, Ola, Paytm, Dream11, RazorPay, and Polygon.

What is a Decacorn:

A startup company with a current valuation of more than $10 billion is called a decacorn. According to CBInsights, there are presently eighteen decacorns within the world, with ten being from the USA. Toutiao (Bytedance), a Chinese digital media/AI company is at the highest of the list with a present valuation of $75 billion.

Decacorns are the evolved versions of unicorns. What separates them isn’t simply the funding. It’s the distinctive business model, the revenue model, and also the rate. They’ve received such investments and have a post-money valuation of over $10 billion as a result of they’ve shown the globe a fantastic growth rate that the others couldn’t.

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