PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm

Joins decacorn club as most-valued fintech after topping $12-billion valuation in new funding

Shivani Shinde Mumbai

The company also plans to invest in new businesses, including insurance, wealth management, and lending

Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic — a leading global growth equity firm — at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India.  

The investment is the first tranche of the company’s latest fundraise that could see marquee global and Indian investors put in up to $1 billion in the fintech firm.
With this funding round, the home-grown digital payments start-up has more than doubled its valuation — from $5.5 billion in 2020. With a $12-billion valuation, it has joined the decacorn club.
PhonePe has managed to raise late-stage funding amid a funding winter.
General Atlantic will be infusing substantial capital, along with Walmart and other new investors, to a final raise of $1 billion, informed sources.
The l

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First Published: Jan 19 2023 | 10:16 PM IST

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