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
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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.
