Startupstars: PhonePe Raises $100M, Infinite Uptime $18.85M to Fuel New Growth Plans

Startupstars, Indian digital payments leader PhonePe has secured a significant investment of $100 million, while industrial Internet of Things (IoT) company Infinite Uptime has raised an impressive $18.85 million. These funding rounds will provide the necessary resources to fuel the ambitious plans of both companies.

Indian digital payments leader PhonePe has secured investment from General Atlantic, as part of its ongoing $1-billion fundraise. This latest infusion brings the total amount raised by the fintech firm to an impressive $850 million. General Atlantic had previously invested $350 million in PhonePe in January, marking its continued support for the company.

With this funding round, PhonePe has received a total of $550 million from General Atlantic and co-investors, including $200 million from Walmart and $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds. The valuation of the startup now stands at a remarkable $12 billion.

PhonePe, headquartered in Bengaluru, has outlined ambitious plans for the utilization of these funds. The company intends to focus on building and scaling new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. Additionally, the fundraise will support offerings like UPI Lite and credit on UPI, enhancing the company’s product portfolio and expanding its market reach.

The funding news follows the complete separation of ownership between Flipkart and PhonePe, announced in December 2022. Flipkart, an e-commerce giant owned by Walmart, had acquired the PhonePe Group in 2016 and subsequently spun it off as a separate entity in 2020, in preparation for an initial public offering (IPO).

PhonePe, recognized as a digital payments unicorn, has already achieved remarkable milestones, including reaching a 50% market share by value in UPI payments and achieving an annualized total payment value run rate of $1 trillion in March 2023. The company boasts over 450 million registered users, demonstrating its widespread popularity and success in the Indian market.

General Atlantic’s investment in PhonePe aligns with its broader strategy of supporting promising Indian companies. Over the past decade, General Atlantic has backed several prominent Indian firms, including Jio, BillDesk, Byju’s, Amagi, NoBroker, and Unacademy. The firm aims to deploy approximately $2 billion to $3 billion in India over the next five to seven years, further fueling the country’s startup ecosystem.

Startupstars Phone Pe and Infinite Uptime fast tracks expansion plans

In a separate funding development, industrial Internet of Things (IoT) company Infinite Uptime has raised an impressive $18.85 million in its Series B3 funding round. Leading the round was Tiger Global, with participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK. Belgium-based impact investor KOIS has also provided backing for the company. Infinite Uptime had previously raised $5.15 million in its Series B round in December 2020, led by VenturEast.

This new funding will empower Infinite Uptime to reinforce its global market presence and enhance its value delivery and service quality across various industry segments. The company’s Founder and CEO, Raunak Bhinge, expressed his enthusiasm, stating, “This investment is a strong validation of our business strategy and growth potential. It will enable us to invest heavily in fundamental research and product development, expand our capabilities, and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”

Specializing in predictive maintenance and condition-based monitoring solutions for process and manufacturing companies, Infinite Uptime leverages advanced analytics, artificial intelligence, and remote monitoring capabilities. The company has amassed over 300 customers worldwide, including renowned names such as Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, and Coca Cola. By harnessing its

advanced analytics and AI-driven capabilities, Infinite Uptime has successfully enabled its customers to save over 11,000 hours of unplanned downtime. This has not only resulted in significant cost savings but has also improved operational efficiency for these industry leaders.

The company’s high-frequency data analytics allows for the timely detection of faults and provides precise recommendations for corrective actions, all achieved remotely. With its expanding customer base and a strong track record of delivering value, Infinite Uptime is poised to further solidify its position as a leading provider of cutting-edge industrial IoT solutions.

b. Infinite Uptime’s success lies in its ability to cater to a wide range of industries, including mining, manufacturing, energy, and more. Its solutions have revolutionized maintenance practices by shifting from reactive approaches to proactive and predictive strategies. By continuously monitoring equipment and processes, the company’s technology predicts potential failures before they occur, minimizing downtime and maximizing productivity.

As industries increasingly adopt digital transformation initiatives, Infinite Uptime’s offerings have become indispensable in ensuring smooth operations, reducing costs, and optimizing overall performance.

c. The impact of Infinite Uptime’s solutions extends far beyond savings and efficiency gains. By reducing unplanned downtime, the company plays a crucial role in promoting sustainability and environmental responsibility. Unplanned shutdowns not only disrupt operations but also result in wasted resources and increased carbon emissions.

By helping companies maintain their equipment in optimal condition, Infinite Uptime contributes to a more sustainable industrial landscape. As industries strive to achieve their environmental targets and mitigate their ecological footprint, the demand for the company’s services is expected to grow further.

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