PhonePe, India’s most valuable fintech company, has raised $600 million of new funding from General Atlantic (GA) as it gears up for a local listing early next year.
GA’s decision to double down on the Walmart-backed company will make this its largest bet on a single company in the country, said people in the know, higher than its $870 investment in Reliance Jio Platforms in 2020.
Starting 2023, the US-based private equity group has already deployed $550 million in the company across multiple rounds. The latest investment reinforces its commitment to back the homegrown consumer internet company even as diversification of income streams has proved harder than expected in a competitive landscape.
The new round coinciding with PhonePe’s confidential draft red herring prospectus (DRHP) filing hasn’t been reported.
The capital infusion, valuing the company at $14.5 billion, comes at a 16% premium to its last round three years ago. In May 2023, it raised $850 million from a group of new and existing backers — including General Atlantic, Ribbit Capital, Tiger Global and Walmart — at a $12.5 billion post-money valuation.
Over a span of five years, with a near threefold jump, the valuation curve looks even steeper. Inclusive of this round, the company so far would have raised $1.6 billion over four major rounds. The funds will help PhonePe employees exercise their stock options and meet tax liabilities, said the people cited. There was no liquidity given to any of the founders or employees.
General Atlantic and PhonePe declined to comment.
PhonePe was acquired by Walmart as part of the deal with ecommerce major Flipkart. In 2020, Flipkart hived it off into a separate entity at a $5.5 billion valuation, four years before it incubated its own fintech arm Super.Money, already among the top five UPI platforms, nibbling into PhonePe’s market share across products such as loans, payments and recharges.
While its other financial services business might face stiff competition from fellow fintechs, PhonePe continues to dominate the UPI landscape. According to data from the NPCI, in September 2025, PhonePe processed 8.9 billion transactions, cornering more than 45% of the UPI market. It offers QR code-based UPI payments, online payment processing and also processes card swipes through point of sale terminals.
GA’s decision to double down on the Walmart-backed company will make this its largest bet on a single company in the country, said people in the know, higher than its $870 investment in Reliance Jio Platforms in 2020.
Starting 2023, the US-based private equity group has already deployed $550 million in the company across multiple rounds. The latest investment reinforces its commitment to back the homegrown consumer internet company even as diversification of income streams has proved harder than expected in a competitive landscape.
The new round coinciding with PhonePe’s confidential draft red herring prospectus (DRHP) filing hasn’t been reported.
The capital infusion, valuing the company at $14.5 billion, comes at a 16% premium to its last round three years ago. In May 2023, it raised $850 million from a group of new and existing backers — including General Atlantic, Ribbit Capital, Tiger Global and Walmart — at a $12.5 billion post-money valuation.
Over a span of five years, with a near threefold jump, the valuation curve looks even steeper. Inclusive of this round, the company so far would have raised $1.6 billion over four major rounds. The funds will help PhonePe employees exercise their stock options and meet tax liabilities, said the people cited. There was no liquidity given to any of the founders or employees.
General Atlantic and PhonePe declined to comment.
PhonePe was acquired by Walmart as part of the deal with ecommerce major Flipkart. In 2020, Flipkart hived it off into a separate entity at a $5.5 billion valuation, four years before it incubated its own fintech arm Super.Money, already among the top five UPI platforms, nibbling into PhonePe’s market share across products such as loans, payments and recharges.
While its other financial services business might face stiff competition from fellow fintechs, PhonePe continues to dominate the UPI landscape. According to data from the NPCI, in September 2025, PhonePe processed 8.9 billion transactions, cornering more than 45% of the UPI market. It offers QR code-based UPI payments, online payment processing and also processes card swipes through point of sale terminals.
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