PhonePe, the esteemed fintech unicorn, has reaffirmed its formidable position in the sector by securing an additional $100 million in funding. This fresh capital infusion has come from its existing investor, General Atlantic, reinforcing the firm’s already impressive pre-money valuation of $12 billion. This investment is part of the ongoing major financing round by the Walmart-owned fintech giant, intending to accumulate up to $1 billion from investors.
This recent round of financing has taken PhonePe’s total funding tally for the current round to an impressive $850 million. General Atlantic, in conjunction with its co-investors, has played a crucial role in this round, injecting $550 million into the Bengaluru-based company. This funding comes hot on the heels of another $100 million investment by the US-based growth equity investor in PhonePe less than two months ago.
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In a statement released on Monday, General Atlantic asserted that this latest investment is a testament to their unwavering belief in PhonePe’s business model and its immense growth potential. The fintech unicorn’s current funding round, initiated in January, has seen participation from a slew of prominent investors including Tiger Global, TVS Capital Funds, and Ribbit Capital.
In addition to this, PhonePe also managed to attract $100 million from venture capital investors Ribbit Capital, Tiger Global, and TVS Capital Funds in February, followed by a significant $200 million in primary capital from Walmart in March.
This series of successful fundraising rounds mark a sharp upturn for PhonePe, which was valued at approximately $5.5 billion in December 2020 after raising $700 million in primary capital from existing Flipkart investors, including Tiger Global and Walmart.
