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PhonePe raises $350m, now one of India's most valuable fintechs

Private equity firm General Atlantic leads fresh round of funding

PhonePe plans to beef up its infrastructure, develop data centers and build financial services offerings.   © Getty Images

CHENNAI -- Walmart-backed financial technology company PhonePe on Thursday said it has raised $350 million in a fresh round of funding led by private equity firm General Atlantic that values the startup at $12 billion. The round has made PhonePe one of India's most valuable fintech companies.

PhonePe's last round of funding was held in November 2022, when it raised $90 million and was valued at $5.5 billion.

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