PhonePe got $100 mn more from General Atlantic and others

PhonePe, the digital payment platform of Indian e-commerce giant Flipkart, has raised $700m in a funding round led by private equity firm General Atlantic. The platform also received backing from other investors in the funding round, which has been made at a $12bn pre-money valuation. While the firm did not disclose General Atlantic's share of the funds raised, the investment is expected to be used to bolster PhonePe's usage among small and medium-sized businesses in the country. General Atlantic has invested $100m in Indian digital payments platform PhonePe led by Walmart. The retailer has been seeking partnerships for the platform after India's recent regulatory changes make the introduction of new products difficult for foreign businesses.

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