Digital payments major PhonePe<\/a> on Thursday said it has raised $350 million in funding from global private equity firm General Atlantic<\/a> at a pre-money valuation of $12 billion, making it the most valuable privately held Indian fintech firm. Thrilled to announce that @generalatlantic is anchoring @PhonePe's new funding round. Welcome to the @PhonePe fam… https:\/\/t.co\/qCgfq1gdKo<\/p>— Sameer.Nigam (@_sameernigam)1674116439000<\/a><\/blockquote><\/div> 虽然主要的融资规模估计为10亿美元,第二个售股将资金1.5 - 20亿美元的范围。 电子支付的主要PhonePe周四说,已经从全球私人股本公司筹集了3.5亿美元的资金一般的大西洋在投资前估值为120亿美元,使其成为最有价值的印度fintech私营公司。 兴奋地宣布@generalatlantic是锚定@PhonePe新的一轮融资。欢迎来到@PhonePe fam…https://t.co/qCgfq1gdKo Digital payments major PhonePe<\/a> on Thursday said it has raised $350 million in funding from global private equity firm General Atlantic<\/a> at a pre-money valuation of $12 billion, making it the most valuable privately held Indian fintech firm. Thrilled to announce that @generalatlantic is anchoring @PhonePe's new funding round. Welcome to the @PhonePe fam… https:\/\/t.co\/qCgfq1gdKo<\/p>— Sameer.Nigam (@_sameernigam)1674116439000<\/a><\/blockquote><\/div>
The investment marks the first tranche of an up to $1 billion fundraise that started this month, with other global and Indian investors also participating in the round, the company said.
PhonePe, owned by Walmart<\/a>, was last valued at $5.5 billion after raising $700 million from the US retail major in December 2020<\/a>. Its valuation has now surpassed that of digital payments provider Razorpay, which was last valued at $7.5 billion<\/a>.
ET had reported on December 23<\/a> that PhonePe was looking to close a funding round of $1.5-2 billion with both Walmart and General Atlantic expected to pump in capital at a pre-money valuation of $12 billion.
General Atlantic has also invested in other Indian startups like Byju’s and Unacademy. While the primary fundraise was estimated to be $1 billion in size, it will include a secondary share sale, taking the total financing to $1.5-2 billion.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
‘Next phase of growth’
<\/strong>
In a secondary share sale, existing investors sell their shares to new investors and the money doesn’t go to company coffers.
Existing and new investors, including Chinese tech major Tencent, Qatar Investment Authority, Microsoft and Flipkart<\/a>’s cofounder Binny Bansal, were also expected to invest in this round, ET had reported citing sources.
These are investors in Flipkart who were given the option to invest in PhonePe’s new funding round since the payments firm was part of the Flipkart group. Investors like SoftBank, GIC and others are unlikely to participate in the funding and won’t have any stake in its India unit.
While the primary fund raise was estimated to be $1 billion in size, it will include a secondary share sale, taking the total financing to a range of $1.5–$2 billion.
In a secondary share sale, existing investors sell their shares to new investors and the money doesn’t go to company coffers.
Existing and new investors including, Chinese tech major Tencent, Qatar Investment Authority, Microsoft and Flipkart’s cofounder Binny Bansal werealso expected to invest as a part of this round, ET had reported citing sources.
These are investors in Flipkart who were given the option to invest in PhonePe's new funding round since the payments firm was part of the Flipkart group. Investors like SoftBank, GIC and others are unlikely to participate in PhonePe’s funding and won't have any stake in its India unit.
Driving growth for UPI
<\/strong>
According to PhonePe, it will use the new capital to make significant investments in infrastructure, including the development of data centres, and help build financial services offerings at scale.
“We look forward to delivering the next phase of our growth by investing in new business verticals like insurance, wealth management and lending, while also facilitating the next wave of growth for UPI (Unified Payments Interface) payments in India,” said Sameer Nigam, co-founder and chief executive officer, PhonePe.
<\/p>
Shantanu Rastogi, managing director and head of India at General Atlantic, said: “Sameer (Nigam), Rahul (Chari) and the PhonePe management team have pursued a clear mission to drive payments digitalisation and significantly broaden access to financial tools for the people of India. They remain focused on driving adoption of inclusive products developed on the open API-based ‘India stack’.”
“This vision is aligned with General Atlantic’s long-standing commitment to backing high-growth businesses focused on inclusion and empowerment.”
Chari is PhonePe’s co-founder and its chief technology officer.
At present, PhonePe claims to have over 400 million registered users, and 35 million offline merchants spread across tier 2, 3 and 4 cities.
It has also maintained its pole position as a processor of UPI transactions in the country, outperforming the likes of Google Pay and Paytm.
For December last year, its platform accounted for 47% of all UPI transactions in the country. It clocked 3.6 billion transactions worth Rs 6.39 lakh crore during the month.
Total UPI transactions in the country stood at 7.8 billion last month, as UPI payments continued to gain momentum.
ET also exclusively reported on November 25<\/a> that PhonePe was in final stages of discussion to acquire buy-now-pay-later (BNPL) startup ZestMoney<\/a> amid a global reset in the BNPL sector.
New domicile
<\/strong>
The fundraise follows PhonePe’s recently announced change of domicile to India<\/a> and full separation from the Flipkart group. Flipkart doesn’t own any stake in PhonePe now and its valuation will be readjusted to about $33 billion as part of the separation.
With PhonePe shifting domicile to India, the government is likely to gain as much as $1 billion in taxes from Walmart<\/a> as well as other shareholders of the fintech firm, ET reported earlier this month, citing sources.
Flipkart employees -- current and former -- will receive a one-time cash payout to the tune of $700 million as part of the PhonePe transaction. The employee group, which holds stock options in the ecommerce firm, is not investing in PhonePe’s new unit and the staff payout is for the value of PhonePe in their holding.
ET had first reported on November 29 about the Esop buyback by Flipkart.<\/a>
At the time of announcing the Flipkart-PhonePe separation process formally in December last year, Flipkart group chief executive Kalyan Krishnamurthy confirmed the same and sent a note to employees, informing them of “a one-time discretionary cash payout as part of the transaction” that will come their way.
Illustration and graphics by Rahul Awasthi<\/em>
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PhonePe提出了3.5亿美元的资金从通用大西洋投资前估值在120亿美元
标志着第一笔投资的10亿美元筹资本月开始,全球和印度与其他投资者也参与多哈回合谈判,该公司表示。
PhonePe,归沃尔玛去年价值55亿美元后筹集7亿美元从2020年12月美国零售巨头。它的估值已经超过了数字支付提供商Razorpay,这是最后的价值75亿美元的吗。
一般大西洋也投资于其它印度像Byju和Unacademy初创公司。虽然主要的筹资规模估计为10亿美元,它将包括二次售股,融资总额-20亿1.5美元。
“下一阶段的增长”
二次上市,现有投资者将股份出售给新的投资者和钱不去公司的金库。
现有的和新的投资者,包括中国科技大腾讯,卡塔尔投资局,微软和Flipkart公司Binny Bansal创始人之一,也将在这一轮投资,外星人曾援引消息。
Flipkart公司这些都是投资者在选择投资在PhonePe以来新的一轮融资支付公司是Flipkart公司集团的一部分。投资者喜欢软银,新加坡政府投资公司和其他人不太可能参与资金和其印度子公司不会有任何的股份。
虽然主要的基金募集规模估计为10亿美元,它将包括二次售股,融资总额1.5 - 20亿美元。
二次上市,现有投资者将股份出售给新的投资者和钱不去公司的金库。
现有的和新的投资者,包括中国科技大腾讯,卡塔尔投资局,微软和Flipkart公司的共同创始人Binny Bansal werealso预期投资作为这一轮的一部分,外星人曾援引消息。
Flipkart公司这些都是投资者在选择投资在PhonePe以来新的一轮融资支付公司是Flipkart公司集团的一部分。投资者喜欢软银,新加坡政府投资公司和其他人不太可能参与PhonePe的资金和其印度子公司不会有任何的股份。
UPI驱动增长
根据PhonePe,它将使用新资本进行大规模的投资基础设施,包括数据中心的发展,帮助建立大规模的金融服务产品。
“我们期待交付下一阶段的增长通过投资新业务垂直像保险、财富管理和贷款,同时也促进增长的下一波UPI(统一支付接口)支付在印度,“说Sameer尼噶,联合创始人兼首席执行官PhonePe。
Shantanu Rastogi,董事总经理兼一般大西洋,印度主管说:“Sameer(尼噶的),拉胡尔(沙里河)和PhonePe管理团队追求一个明确的使命驱动支付数字化和显著扩大为印度人民进入金融工具。他们仍然专注于驾驶采用基于包容性产品开发开放api的‘印度堆栈’。”
”这一愿景与一般大西洋的长期承诺支持高增长企业专注于包容和权力。”
沙里河是PhonePe的联合创始人兼首席技术官。
目前,PhonePe声称有超过4亿注册用户,和3500万年线下商家遍布tier 2, 3和4的城市。
它也保持其领先地位的处理器UPI事务,优于谷歌支付和Paytm。
去年12月,其平台占所有UPI交易的47%。以36亿个事务值得在月6.39十万的卢比。
总UPI交易在78亿年国家站在上个月,UPI支付继续获得动力。
等也在11月25日独家报道PhonePe在最后阶段的讨论收购(BNPL)启动冲击着ZestMoney在全球重置BNPL部门。
新住所
在筹资之前PhonePe最近宣布改变印度的住所Flipkart公司和完全分离。Flipkart公司不拥有任何股份PhonePe现在将调整它的估值约330亿美元作为分离的一部分。
PhonePe搬迁到印度,政府可能会从沃尔玛获得多达10亿美元的税以及其他股东fintech公司,等本月早些时候报道,来源。
Flipkart公司——现任和前任员工将获得一次性现金支付的7亿美元的一部分PhonePe事务。员工团体,拥有电子商务公司的股票期权,不是投资PhonePe的新单位和人员支付PhonePe在他们持有的价值。
ET在11月29日首次报道对Esop Flipkart公司回购。
正式宣布的时候Flipkart-PhonePe分离过程在去年12月,Flipkart公司集团首席执行官Kalyan•确认相同的,发送报告的员工,告诉他们“一次性可自由支配的现金支出作为交易的一部分”来。
拉胡尔Awasthi插图和图形
The investment marks the first tranche of an up to $1 billion fundraise that started this month, with other global and Indian investors also participating in the round, the company said.
PhonePe, owned by Walmart<\/a>, was last valued at $5.5 billion after raising $700 million from the US retail major in December 2020<\/a>. Its valuation has now surpassed that of digital payments provider Razorpay, which was last valued at $7.5 billion<\/a>.
ET had reported on December 23<\/a> that PhonePe was looking to close a funding round of $1.5-2 billion with both Walmart and General Atlantic expected to pump in capital at a pre-money valuation of $12 billion.
General Atlantic has also invested in other Indian startups like Byju’s and Unacademy. While the primary fundraise was estimated to be $1 billion in size, it will include a secondary share sale, taking the total financing to $1.5-2 billion.
‘Next phase of growth’
<\/strong>
In a secondary share sale, existing investors sell their shares to new investors and the money doesn’t go to company coffers.
Existing and new investors, including Chinese tech major Tencent, Qatar Investment Authority, Microsoft and Flipkart<\/a>’s cofounder Binny Bansal, were also expected to invest in this round, ET had reported citing sources.
These are investors in Flipkart who were given the option to invest in PhonePe’s new funding round since the payments firm was part of the Flipkart group. Investors like SoftBank, GIC and others are unlikely to participate in the funding and won’t have any stake in its India unit.
While the primary fund raise was estimated to be $1 billion in size, it will include a secondary share sale, taking the total financing to a range of $1.5–$2 billion.
In a secondary share sale, existing investors sell their shares to new investors and the money doesn’t go to company coffers.
Existing and new investors including, Chinese tech major Tencent, Qatar Investment Authority, Microsoft and Flipkart’s cofounder Binny Bansal werealso expected to invest as a part of this round, ET had reported citing sources.
These are investors in Flipkart who were given the option to invest in PhonePe's new funding round since the payments firm was part of the Flipkart group. Investors like SoftBank, GIC and others are unlikely to participate in PhonePe’s funding and won't have any stake in its India unit.
Driving growth for UPI
<\/strong>
According to PhonePe, it will use the new capital to make significant investments in infrastructure, including the development of data centres, and help build financial services offerings at scale.
“We look forward to delivering the next phase of our growth by investing in new business verticals like insurance, wealth management and lending, while also facilitating the next wave of growth for UPI (Unified Payments Interface) payments in India,” said Sameer Nigam, co-founder and chief executive officer, PhonePe.
<\/p>
Shantanu Rastogi, managing director and head of India at General Atlantic, said: “Sameer (Nigam), Rahul (Chari) and the PhonePe management team have pursued a clear mission to drive payments digitalisation and significantly broaden access to financial tools for the people of India. They remain focused on driving adoption of inclusive products developed on the open API-based ‘India stack’.”
“This vision is aligned with General Atlantic’s long-standing commitment to backing high-growth businesses focused on inclusion and empowerment.”
Chari is PhonePe’s co-founder and its chief technology officer.
At present, PhonePe claims to have over 400 million registered users, and 35 million offline merchants spread across tier 2, 3 and 4 cities.
It has also maintained its pole position as a processor of UPI transactions in the country, outperforming the likes of Google Pay and Paytm.
For December last year, its platform accounted for 47% of all UPI transactions in the country. It clocked 3.6 billion transactions worth Rs 6.39 lakh crore during the month.
Total UPI transactions in the country stood at 7.8 billion last month, as UPI payments continued to gain momentum.
ET also exclusively reported on November 25<\/a> that PhonePe was in final stages of discussion to acquire buy-now-pay-later (BNPL) startup ZestMoney<\/a> amid a global reset in the BNPL sector.
New domicile
<\/strong>
The fundraise follows PhonePe’s recently announced change of domicile to India<\/a> and full separation from the Flipkart group. Flipkart doesn’t own any stake in PhonePe now and its valuation will be readjusted to about $33 billion as part of the separation.
With PhonePe shifting domicile to India, the government is likely to gain as much as $1 billion in taxes from Walmart<\/a> as well as other shareholders of the fintech firm, ET reported earlier this month, citing sources.
Flipkart employees -- current and former -- will receive a one-time cash payout to the tune of $700 million as part of the PhonePe transaction. The employee group, which holds stock options in the ecommerce firm, is not investing in PhonePe’s new unit and the staff payout is for the value of PhonePe in their holding.
ET had first reported on November 29 about the Esop buyback by Flipkart.<\/a>
At the time of announcing the Flipkart-PhonePe separation process formally in December last year, Flipkart group chief executive Kalyan Krishnamurthy confirmed the same and sent a note to employees, informing them of “a one-time discretionary cash payout as part of the transaction” that will come their way.
Illustration and graphics by Rahul Awasthi<\/em>
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