Join our Waitlist for Expert Advice!

PhonePe Raises Additional $100 Million From General Atlantic With the latest capital infusion, PhonePe's total fund count in the current round has touched $850 million

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Fintech unicorn PhonePe has secured another $100 million in fresh funding from existing backer General Atlantic at a pre-money valuation of $12 billion. The investment is part of the Walmart-owned fintech major's larger ongoing financing round through which it aims to garner funding of up to $1 billion from investors. With the latest capital infusion, PhonePe's total fund count in the current round has touched $850 million.

General Atlantic and its co-investors alone have pumped in capital worth $550 million into the Bengaluru-based company in the ongoing round. The recent funding comes less than two months after the US-based growth equity investor and its affiliates wrote a $100 million cheque for PhonePe.

"The investment reaffirms General Atlantic's conviction in PhonePe's business and growth potential," the firm said in a statement on Monday. Other investors like Tiger Global, TVS Capital Funds and Ribbit Capital have also backed the startup's ongoing funding round which was launched in January.

The fintech platform has also secured $100 million from venture capital investors Ribbit Capital, Tiger Global and TVS Capital Funds in February and $200 million in primary capital from Walmart in March.

PhonePe was reportedly valued at about $5.5 billion in December 2020 after raising $700 million in primary capital from existing Flipkart investors including Tiger Global, and Walmart.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Leadership

Could We Have The First Native American Woman Governor? DEI Expert Weighs In On What Allyship Should Look Like If History Is Made.

We can all learn more about what it means to be a better ally for those who are the "firsts" in their space. Here are three strategies around allyship this DEI expert recommends to her diversity, equity and inclusion (DEI) consultancy clients.

Growing a Business

How to Effectively Manage Intangible Assets for Long-Term Business Success

Intangible assets, unlike physical ones, may evolve to a point where the business objective no longer has the capacity to utilize them effectively. This evolution triggers the need for transformation, potentially turning an intangible asset into a product for sale.

Money & Finance

Customers Have a Favorite Payment Method — But 30% of Businesses Don't Accept It. Are You Driving Business Away?

This article examines the surprising gap between what consumers want in payment options and what small businesses currently offer. It also provides strategies for small business owners looking to adapt to these preferences and enhance customer loyalty.

Growing a Business

How to Reclaim Your Time and Start Focusing on Your Business's Big Picture

You can always get more money, but you can never get more time.

Business News

'Additional Human Touch': Starbucks Has a Turnaround Plan That Includes Buying 200,000 Sharpies. Here's Why.

Faced with declining sales, Starbucks has a comeback plan that involves several changes to stores and menus. Here's a look at the changes coming to your store.