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The Walmart-backed PhonePe announced on Thursday that it had raised $350 million from the private capital firm General Atlantic at a $12 billion valuation which is the country's top-rated payments company and allows it to expand into the lucrative field of lending.
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The second round of investment coming from the marquee world, as well as Indian investors, are set to be completed by the end of next month, according to a PhonePe spokesperson told us, but declining to provide further details.
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Despite a slowing of funding and a sluggish economy, it is clear that the Indian digital payments industry has seen a surge in growth due to the rising popularity of online payments, as well as startups' desire to break into the lucrative field of financial services.