Walmart's PhonePe seeks to raise $300-$400 mn from General Atlantic, others

The new investment is likely to close in a few weeks and help the payments firm compete with Google Pay, Paytm, and Amazon Pay in the Indian fintech space

Walmart-owned fintech firm PhonePe is in talks to raise $300-$400 million from new and existing investors, including General Atlantic, at a pre-funding valuation of $12 billion. The new investment is expected to close in a few weeks, say sources. It follows the recent $100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds and $350 million in a funding round led by General Atlantic. The infusion comes at a time when startups are facing a funding winter and macroeconomic uncertainty.

“The conversations are going on and the deal may be announced in a few weeks,” said a