📺 Stream EntrepreneurTV for Free 📺

PhonePe Raises $100 Million Additional Funding From General Atlantic The investment will help fuel the fintech firm's expansion plans

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


Walmart-owned fintech firm PhonePe confirms that it has raised a $100 million additional tranche of investment from private equity firm General Atlantic and its co-investors at a pre-money valuation of $12 billion. This new funding is part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. The fresh tranche of capital comes less than a month after majority shareholder Walmart infused $200 million into the company at the same valuation. PhonePe has confirmed the development. Also, the investment will help fuel the fintech firm's expansion plans.

In January this year, the Bengaluru-based unicorn raised $350 million from General Atlantic at a pre-money valuation of $12 billion, making it the most-valued fintech player in India. Other investors that backed PhonePe include Qatar Investment Authority, Microsoft, Tiger Global and a few small hedge funds. The funds were raised under the first tranche of touching $1 billion which the digital payments startup had announced early this month.

In November 2022, Walmart reported that PhonePe crossed 10 billion quarterly transactions in the September quarter. The startup is the leading player in the Unified Payments Interface (UPI) segment with 3,674.24 million transactions volume in December 2022 as reported by NPCI. PhonePe and rival GooglePay command over a solid 85% of the market share.

In February 2023, the unicorn had raised another $100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-money valuation of $12 billion. Founded in December 2015, PhonePe was recently recognized as the most trusted brand for digital payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Science & Technology

Service as a Strategy — How to Build a Sustainable, Future-Ready Tech Business

The benefits of transitioning from traditional SaaS models to service-based models — and how to do it successfully.

Business News

Samsung's New Ad Pokes Fun at Apple's Controversial 'Crush' Ad

Creative universes overlap in a new ad from Samsung.


Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.