PhonePe, the Walmart-owned fintech platform, has entered the decacorn club, which is a valuation of more than $10 billion, following an investment from General Atlantic that valued the company at $12 billion.
The start-up plans to raise an additional $1 billion in the next round of funding, which is expected to close next month. PhonePe recently announced that it will be moving its domicile to India and separating fully from Flipkart. Other members of the decacorn club in India include Byju’s, Flipkart and Swiggy.
The funding makes PhonePe the most valued fintech firm in India, and the company plans to use the funds to make significant investments in infrastructure, including the development of data centers, and to help build financial services offerings at scale in the country.
