India’s PhonePe tops $12 billion valuation in new funding

PhonePe’s valuation has surged to $12 billion in a new funding round as it the Indian fintech giant readies its life without parent firm Flipkart. The Bengaluru-headquartered startup said it has raised $350 million and anticipates raising up to another $650 million as part of the round.
General Atlantic led the first tranche of the investment.
$12 billion is a staggering valuation for PhonePe, which was valued at $5.5 billion in late 2020. PhonePe currently does less than $500 million in annual revenue. Paytm, which expects to hit $1 billion in revenue in the financial year ending March

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