PhonePe Raises 100 Million Dollar Fund From General Atlantic

As part of its current $1 Bn fundraise, Walmart-owned PhonePe raises 100 million dollar from co-investors General Atlantic and previous investment. At a pre-money valuation of $12 Bn, the US-based private equity (PE) company invested $350 Mn in the market leader in payments earlier this year.

It is also claimed that the current investment was made at a comparable valuation.

PhonePe announces that General Atlantic, a well-known worldwide growth equity firm, and its co-investors have committed an additional $100 million to our ongoing fundraising efforts. A corporate spokesperson told Inc42 that General Atlantic first invested $350 Mn in PhonePe in January 2023.

The Walmart-owned payments industry behemoth has so far raised $750 Mn from investors, with this year’s investment round being the most recent. The company is also backed by Walmart, Ribbit Capital, Tiger Global, and TVS Capital Funds, among others.

PhonePe announced earlier this year that it was trying to raise up to $1 Billion from wealthy individuals in India and throughout the world.