PE Fund Investments
PhonePe attracts addl $100-M from General Atlantic
Bengaluru-based fintech unicorn PhonePe has raised an additional tranche of USD 100 million from private equity firm General Atlantic (and its co-investors) at a pre-money valuation of USD 12 Billion. This new funding is part of PhonePe's ongoing fundraise of USD 1 Billion, following its domicile shift to India last year. With this tranche, the company has raised USD 750 million from global investors. In February, PhonePe raised USD 350 million from General Atlantic at a pre-money valuation of USD 12 Billion. PhonePe also raised another USD 100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds. In March, PhonePe raised USD 200 million in primary capital from its parent Walmart. PhonePe plans to use the funds to scale its payments and insurance businesses. It will also launch and scale new businesses such as lending, stock broking and Open Network for Digital Commerce (ONDC)-based shopping over the next few years. PhonePe recently forayed into hyper-local commerce with the launch of a shopping app, Pincode, on the government-backed ONDC platform.
From the Venture Intelligence PE-VC Deal Database: Between Dec-20 and Feb-23, PhonePe had raised over USD 500 M from Ribbit Capital, TVS Capital, Tiger Global, General Atlantic, Tencent, Tiger Global, Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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