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Walmart-owned PhonePe has secured an additional $100 million investment from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion. This new funding is part of PhonePe’s ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised a total of $850 million from several global investors. This includes a total of $550 million from General Atlantic alone. PhonePe plans to use the funds to scale its payments and insurance businesses in India. It will also launch and aggressively scale new businesses like lending, stock broking and Open Network for Digital Commerce (ONDC)-based shopping over the next few years.
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