PE: PhonePe raised $350 million funding from General Atlantic


  • PhonePe raised $350 million growth funds at a pre money valuation of $12 billion, led by General Atlantic. Marquee Global and Indian investors also participated in the round.
  • The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023.
  • Announcement follows PhonePe’s recent full separation from Flipkart and change of domicile to India. The PhonePe Group was earlier acquired by the Flipkart Group in 2016.

About PhonePe:

  • PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike.
  • PhonePe today has over 435+ million registered users and over 35 million offline merchants spread across Tier 2, 3, and 4 cities and beyond, covering 99% of pin codes in the country.
  • PhonePe is the market leader in terms of UPI transaction volumes with 47% market share; Google pay and PayTM has market share of 34% and 15% respectively.
  • PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform.

About General Atlantic:

  • Established in 1980, General Atlantic currently has over $73 billion in assets under management inclusive of all products, and more than 215 investment professionals based in various countries.


  • PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country.
  • The company also plans to invest in new businesses, including Insurance, Wealth Management, and Lending.
  • The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI to enable greater financial inclusion for Indians.
  • Earlier it was reported that PhonePe is preparing for IPO, though there was no official confirmation.
  • For FY22, PhonePe reported revenue of Rs 1,646 Crore up by 138% for year-on-year basis. Loss for the FY22 widened to Rs 2,014 Crore up from Rs 1,729 Crore in FY21.


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