This is an archive article published on April 12, 2023

PhonePe raises another $100 million from General Atlantic, other investors

PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.

PhonePe competes with Google Pay and Paytm. (File image)

1 min readBengaluruApr 12, 2023 04:10 PM IST First published on: Apr 12, 2023 at 04:10 PM IST

Walmart Inc -owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.

With the latest round, PhonePe, India’s most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global.

General Atlantic had invested $350 million in the fintech during the same funding round in
January.

At over 46%, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India.