PhonePe bags additional investment of $100m from General Atlantic

PhonePe, an Indian digital payments solutions provider, has secured an additional $100 million investment from global growth equity firm General Atlantic.

This investment forms part of PhonePe’s ongoing fundraising efforts and brings the total investment from General Atlantic and its co-investors to $550 million. The infusion of funds is said to further validate General Atlantic’s confidence in PhonePe’s business and its potential for future growth.

With this recent primary capital injection from General Atlantic, the Indian digital payments solutions provider has now amassed a total of $850 million in primary capital during the current round.

In February 2023, PhonePe secured an additional $100 million in funding for its mobile payments app, valuing the company at $12 billion, as part of its ambitious goal to raise up to $1 billion in capital. This funding followed a primary investment of $350 million from General Atlantic, thereby elevating the total funding received to $450 million.

Founded in December 2015, PhonePe has established itself as India’s largest payments app, playing a pivotal role in fostering digital inclusion for both consumers and merchants. With a user base of over 460 million registered users, PhonePe is claimed to be used by one in every four Indians.

PhonePe became a part of Walmart following the retail giant’s acquisition of Flipkart in 2016.

In 2017, the Indian fintech company ventured into the realm of financial services, offering users secure and convenient investment options through its platform. Over time, the company has introduced various mutual funds and insurance products.