PhonePe Raises Additional $100 Million Investment From General Atlantic During Ongoing Funding Round

With this fundraising, General Atlantic and its co-investors have contributed $550 million in the ongoing $1 billion funding round of PhonePe

By Press Trust of India | Updated: 22 May 2023 14:43 IST

PhonePe Raises Additional $100 Million Investment From General Atlantic During Ongoing Funding Round

Photo Credit: PhonePe

Ribbit Capital, Tiger Global and TVS Capital Funds have also invested in PhonePe

Highlights

PhonePe has a pre-money valuation of $12 billion
PhonePe has now raised a total of $850 million in current round
The Walmart group firm has over 450 million registered users

Decacorn fintech firm PhonePe on Monday said it has secured an additional $100 million (about Rs. 828 crore) investment from General Atlantic.

With this fundraising, General Atlantic and its co-investors have contributed $550 million (roughly Rs. 4,555 crore) in the ongoing $1 billion (roughly Rs. 8,282 crore) funding round of PhonePe at a pre-money valuation of $12 billion (roughly Rs. 99,387 crore).

"PhonePe is pleased to announce that it has secured an additional $100 million investment from General Atlantic, a leading global growth equity firm, as part of its ongoing fundraise.

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"This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. The investment reaffirms General Atlantic's conviction in PhonePe's business and growth potential," PhonePe said in a statement.

With this latest primary infusion from General Atlantic, PhonePe has now raised a total of $850 million (roughly Rs. 7,000 crore) of primary capital in the current round.

Ribbit Capital, Tiger Global and TVS Capital Funds have also invested during the current funding round of the company.

PhonePe Raises $100 Million From Investors During Ongoing Fundraise

The Walmart group firm has over 450 million registered users.

In February, PhonePe raised another $100 million in primary capital from new investors Ribbit Capital and TVS Capital Funds with participation from existing investor Tiger Global, at a pre-money valuation of $12 billion (roughly Rs. 99,400 crore). This followed a $350 million (roughly Rs. 3,000 crore) primary fundraise by the company on January 19 from General Atlantic.

PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC-based shopping and account aggregators over the next few years.

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