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PhonePe raises $350 million from General Atlantic at a valuation of $12 billion

According to PhonePe, the investment marks the first tranche of $1 billion funding round

January 19, 2023 / 11:34 AM IST
Representative image.

Representative image.

Payments and financial services unicorn PhonePe has raised $350 million in a new funding round from General Atlantic at a valuation of over $12 billion, making the Walmart-backed startup, the most-valued fintech in India. The company would be raising as much as $1 billion in the current round in tranches, it said in a statement on January 19.

Moneycontrol first reported in October about PhonePe eyeing a fundraise from General Atlantic at a valuation of $12 billion.

PhonePe’s fundraise follows the company’s spin-off from e-commerce startup Flipkart, which was announced in December. The Flipkart spin-off also completes PhonePe's transition to a fully Indian-domiciled company, which began in 2022.

PhonePe has now become a decacorn, or a startup valued at more than $10 billion, joining the ranks of Flipkart, which was acquired by Walmart, Paytm, which went public last year, Byju's, and Swiggy. PhonePe's valuation has also surpassed that of Razorpay, a digital payments and neobanking unicorn that was last valued at around $7.5 billion.