PhonePe raises another $100M from General Atlantic

As part of its ongoing $1 billion funding round, PhonePe has raised another $100 million from its existing shareholder General Atlantic and its Co-investors.

General Atlantic had invested $350 million in the Walmart-owned startup in January this year.

Tiger Global, Ribbit Capital, and TVS Capital have invested $100 million, while Walmart cut a cheque for $200 million in the current round, at a pre-money valuation of $12 billion.

PhonePe has been on a fundraising spree since being spun off from its parent company Flipkart in 2020. It had raised $700 million in primary capital from the divestiture, at a post-money valuation of $5.5 billion.

In October last year, the company had moved all of its business operations from Singapore to India—a move largely seen as a precursor to its bid for a list on the Indian stock exchanges.

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PhonePe has raised a total of $13.7 billion in funding so far, according to Tracxn. General Atlantic holds a 2.9% stake in the startup.

"PhonePe confirms a $100 million additional tranche of investment from General Atlantic, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested $350 million in PhonePe in January 2023," the company said in a statement.