PhonePe has raised an additional $100 million from General Atlantic and its co-investors, contributing to its ongoing $1 billion funding round. General Atlantic had previously invested $350 million in the Walmart-owned fintech firm back in January.
This round also saw participation from notable investors such as Tiger Global, Ribbit Capital, and TVS Capital, who collectively contributed $100 million. Walmart itself added $200 million to the mix, bringing the pre-money valuation of PhonePe to an impressive $12 billion.
Since its separation from Flipkart in 2020, PhonePe has actively sought funding to fuel its growth. The company initially raised $700 million in primary capital during this spin-off, achieving a post-money valuation of $5.5 billion.
In a significant strategic shift last October, PhonePe relocated its business operations from Singapore back to India, which is viewed as a precursor to its plans for an IPO on Indian stock exchanges.
As reported by Tracxn, PhonePe has accumulated a total of $13.7 billion in funding to date, with General Atlantic owning a 2.9% stake in the company.
In a company statement, PhonePe confirmed, “We are thrilled to announce a $100 million investment from General Atlantic, a leading global growth equity firm, along with its co-investors, as part of our continuing fundraising journey. This follows General Atlantic’s initial $350 million investment in January 2023.”