Walmart-owned PhonePe raises $350 mn

Walmart-owned Indian digital payments app PhonePe has raised $350 million in a funding round led by private-equity firm General Atlantic.
PhonePePhonePe plans to use the proceeds in infrastructure and new businesses, including insurance, wealth management and lending, Chief Executive Officer and founder Sameer Nigam said.

Last year, the Bengaluru-based payments company had shifted its home base from Singapore to India and also completed its separation from ecommerce giant Flipkart.