Total amount raised
$2.6 Billion
Latest funding date
5/1/2023
Location
PhonePe has successfully raised significant funding through 19 rounds, with notable investors such as General Atlantic and Tiger Global Management. The most recent funding round was a Secondary Market round, led by General Atlantic.
Keep reading to explore the intricacies of PhonePe's fundraising journey and the investors backing this innovative platform.
What Is PhonePe?
PhonePe is a prominent digital payments and financial services company based in Andheri, Maharashtra, India. It operates in the Financial Services, FinTech, Mobile Apps, and Payments industries, offering a mobile application that enables users to transfer money seamlessly.
Founded by a team of innovators, PhonePe has grown to employ over 10,001 people. The company has been acquired by Walmart and continues to expand its services, including UPI payments, investments, insurance, and lending, catering to both businesses and consumers.
How Much Funding Has PhonePe Raised?
- Secondary Market Round
- Amount Raised: USD 600,000,000
- Date: October 2025
- Lead Investors: General Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to existing shareholders and support further expansion.
- Private Equity Round
- Amount Raised: USD 100,000,000
- Date: May 2023
- Lead Investors: General Atlantic
- Valuation at Round: USD 12 billion
- Motivation Behind the Round: To expand into the lending space.
- Private Equity Round
- Amount Raised: USD 100,000,000
- Date: April 2023
- Lead Investors: General Atlantic
- Valuation at Round: USD 12 billion
- Motivation Behind the Round: To build and scale new business ventures such as insurance and wealth management.
- Corporate Round
- Amount Raised: INR 16,500,000,000
- Date: March 2023
- Lead Investors: Walmart
- Valuation at Round: USD 12 billion
- Motivation Behind the Round: To support the growth of UPI payments and launch new consumer-facing applications.
- Private Equity Round
- Amount Raised: USD 100,000,000
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: USD 12 billion
- Motivation Behind the Round: To develop and scale new financial services businesses.
- Private Equity Round
- Amount Raised: USD 350,000,000
- Date: January 2023
- Lead Investors: General Atlantic
- Valuation at Round: USD 12 billion
- Motivation Behind the Round: To support the company's expansion into new business areas.
- Corporate Round
- Amount Raised: USD 350,000,000
- Date: August 2021
- Lead Investors: Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's market position and expand its service offerings.
- Corporate Round
- Amount Raised: INR 1,500,000,000
- Date: December 2020
- Lead Investors: Flipkart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen the company's financial position and support growth initiatives.
- Corporate Round
- Amount Raised: USD 700,000,000
- Date: December 2020
- Lead Investors: Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's digital payment services and market reach.
- Corporate Round
- Amount Raised: USD 28,000,000
- Date: April 2020
- Lead Investors: Flipkart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's operational and strategic goals.
Total Amount Raised: USD 2,528,000,000. Current Valuation: USD 12 billion.
Key Investors
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm. They have been a significant investor in PhonePe, participating in multiple funding rounds.
- Investment Focus Areas: Digital payments, fintech, technology.
- Notable Investments: PhonePe, Airbnb, Uber.
- Walmart
- Details: Walmart is a multinational retail corporation and the largest shareholder of PhonePe. They have invested heavily in PhonePe to support its growth and expansion.
- Investment Focus Areas: Retail, e-commerce, digital payments.
- Notable Investments: PhonePe, Flipkart, Jet.com.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries. They have been involved in multiple funding rounds for PhonePe.
- Investment Focus Areas: Internet, software, fintech.
- Notable Investments: PhonePe, Facebook, LinkedIn.
- Flipkart
- Details: Flipkart is a major e-commerce company in India. They acquired PhonePe in 2016 and have been instrumental in its growth.
- Investment Focus Areas: E-commerce, digital payments, technology.
- Notable Investments: PhonePe, Myntra, Ekart.
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm that invests in early-stage companies in the financial services sector. They participated in a significant funding round for PhonePe.
- Investment Focus Areas: Fintech, financial services, technology.
- Notable Investments: PhonePe, Coinbase, Robinhood.
What's Next for PhonePe?
PhonePe is poised to capitalize on several significant opportunities, including expanding into the lending space and leveraging its dominant position in the UPI digital payments system. The company is also venturing into new business areas such as insurance, wealth management, stockbroking, and ONDC-based shopping, which could substantially enhance its market presence.
Future fundraising efforts are likely to continue, given the ongoing $1 billion financing round. This financial backing will support PhonePe's ambitious expansion plans and help it scale new financial services. However, the company will face challenges such as intense competition, regulatory hurdles, and the need for meticulous due diligence in potential acquisitions.
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