Reuters | | Posted by Aryan Prakash
Indian digital funds agency PhonePe is in talks to boost funds in a spherical led by Common Atlantic at a valuation of $12 billion, monetary information web site Moneycontrol reported on Friday, citing folks conscious of the matter.
U.S. non-public fairness group Common Atlantic is more likely to lead the spherical with an funding of $450 million to $500 million, the report mentioned.
The spherical would make Walmart Inc-backed PhonePe probably the most worthwhile Indian monetary tech agency, surpassing Razorpay and Paytm, a unit of One 97 Communications, the report added.
PhonePe, which earlier this month mentioned it had moved its domicile to Singapore from India, didn’t instantly reply to an electronic mail from Reuters searching for remark. Common Atlantic additionally didn’t instantly reply to an electronic mail exterior workplace hours.
The report comes at a time when startups searching for late-stage funding are failing to draw buyers as dour sentiment within the public markets and uninteresting exit situations make it more durable to justify larger valuations.