PhonePe raises USD 350 mn at USD 12 bn valuation

Walmart-owned digital payments app PhonePe on Thursday said it has raised USD 350 million at a valuation of USD 12 billion in a funding round led by private equity firm General Atlantic.

With this round, the valuation of the company has more than doubled in about a two-year period.

“PhonePe has raised USD 350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of USD 12 billion.

“Marquee Global and Indian investors are also participating in the round. The investment marks the first tranche of an up to USD 1 billion total fundraise that commenced in January 2023,” the statement said.