Private Equity

PE Fund Investments

Digital payments player PhonePe raises $100-M more from General Atlantic

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As part of its ongoing USD 1 Billion fundraise, Bengaluru-headquartered digital payments firm PhonePe has received a new tranche of USD 100 million from General Atlantic. The ongoing round values the startup at USD 12 Billion. Including this, PhonePe has received USD 550 million from General Atlantic (and its co-investors) this year; USD 200 million from Walmart, and USD 100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds. PhonePe plans to deploy the fresh capital to build and scale new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. The fundraise will also be used to support offerings such as UPI Lite and credit on UPI. The PhonePe Group, founded by Sameer Nigam, Rahul Chari and Burzin Engineer, was acquired by the Flipkart Group in 2016. Flipkart later partially hived off PhonePe as a separate entity in 2020. PhonePe claims to hold a 50% market share by value in UPI payments, with 450 million registered users.