PhonePe secures additional $100 million funding from General Atlantic in ongoing raise
- ByStartupStory | April 12, 2023
PhonePe, a leading digital payments company, has secured an additional $100 million in funding from existing backer General Atlantic and its affiliate funds, as part of its ongoing primary funding round. This brings the total raised by the firm to $750 million, with General Atlantic and its affiliates contributing a total of $450 million to the funding round. The latest tranche has been raised at a pre-money valuation of $12 billion, consistent with previous tranches.
PhonePe, a leading digital payments company, has received an additional $100 million in funding from global private equity major General Atlantic and its co-investors as part of its ongoing fundraising round. A spokesperson from PhonePe confirmed the development, stating, “PhonePe confirms a $100 million additional tranche of investment from General Atlantic and its co-investors as part of our ongoing fundraise.” This marks the fourth tranche of funding for PhonePe, which had announced its separation of ownership from domestic ecommerce company Flipkart in December last year.
General Atlantic, a global private equity major, has made a $100 million investment in PhonePe as part of the digital payments company’s ongoing fundraising round. Prior to this investment, General Atlantic held approximately 2.9% stake in PhonePe, while Flipkart parent Walmart owned around 70%. The final shareholding structure is expected to be determined by the end of this primary fundraising round. PhonePe had previously raised $200 million in March from majority shareholder Walmart.
PhonePe has received a fresh infusion of $100 million from General Atlantic in its ongoing fundraising round. This news comes as PhonePe has recently launched its hyperlocal commerce app Pincode on the ONDC platform, showcasing its aspirations in the ecommerce space. The company was also in talks to acquire ZestMoney foray into the buy-now-pay-later (BNPL) space, but the deal fell through due to diligence issues. Now, PhonePe is reportedly planning to develop its own BNPL product in-house and may hire some of ZestMoney’s employees to build its consumer credit verticals.
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