PE-VC Fund Investments
PhonePe raises $600-M from General Atlantic at $14.5 B valuation
Consumer fintech company PhonePe has raised USD 600 million from General Atlantic (GA). This investment values PhonePe at USD 14.5 Billion, representing a 16% premium over its last funding round three years ago.This commitment makes General Atlantic's total investment in PhonePe its largest in a single company in India, surpassing its USD 870 million investment in Reliance Jio Platforms in 2020. These new funds will be used to help PhonePe employees exercise their stock options and meet tax liabilities. PhonePe was acquired by Walmart as part of the Flipkart deal and later hived off as a separate entity in 2020 at a USD 5.5 Billion valuation. In September 2025, it processed 8.9 Billion transactions, capturing over 45% of the UPI market. PhonePe has filed a confidential draft red herring prospectus (DRHP) for local listing.
Between Dec 2020 and May 2023, PhonePe had attracted about USD 917 M from General Atlantic, Ribbit Capital, Tiger Global, TVS Capital and others.
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