PhonePe will use the fresh funds to scale up its platform and strengthen its foothold in the digital payments space, that is dominated by big players like Paytm, which had recently raised $1 billion, Google Pay, Amazon Pay, among others.
Besides that, the start-up is reportedly planning to raise another $1 billion external funding from giants like Tencent and Tiger Global.
A few days back, PhonePe filed MCA documents which reported a revenue of Rs. 245.8 crore in this financial year. However, its losses have widened from Rs. 791 crore in FY 2018 to Rs. 1,907 crore in this fiscal.