The investment would make Walmart-backed PhonePe the most valued Indian financial technology company.
According to persons familiar with the situation, Indian digital payments provider PhonePe is in discussions to acquire funding in a round headed by General Atlantic at a value of $12 billion (approximately Rs. 99,300 crore).
General Atlantic, a US private equity firm, is expected to lead the round with an investment of $450 million (approximately Rs. 3,720 crore) to $500 million (about Rs. 4140 crore). report said.
According to the article, the investment would make Walmart-backed PhonePe the most valuable Indian financial tech startup, topping Razorpay and Paytm, a subsidiary of One 97 Communications.
PhonePe, which announced earlier this month that it had relocated its headquarters from India to Singapore, did not immediately reply to an email from Reuters requesting comment. Outside of business hours, General Atlantic did not react promptly to an email.
The research comes at a time when entrepreneurs seeking late-stage investment are struggling to find investors, as gloomy mood in the public markets and bleak exit circumstances make justifying higher values more difficult.
PhonePe, a subsidiary of Walmart-owned Flipkart, recently announced that it has finished the process of relocating its headquarters from Singapore to India. The news comes as the company prepares to go public in order to extend its financial services portfolio and enhance its core United Payments Interface (UPI)-based payments operations and investment banking.
PhonePe has migrated all of its companies and subsidiaries, including Insurance Broking Services and Wealth Broking, from PhonePe Singapore to PhonePe India directly over the last year, according to a company statement.
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