Business Standard

PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm

Joins decacorn club as most-valued fintech after topping $12-billion valuation in new funding


The company also plans to invest in new businesses, including insurance, wealth management, and lending

Shivani Shinde Mumbai
Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic — a leading global growth equity firm — at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India.
The investment is the first tranche of the company’s latest fundraise that could see marquee global and Indian investors put in up to $1 billion in the fintech firm.
With this funding round, the home-grown digital payments start-up has more than doubled its valuation — from $5.5 billion in 2020. With a $12-billion valuation, it has joined the decacorn club.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 19 2023 | 10:16 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to