Fintech unicorn PhonePe secures additional funding of $100 million from General Atlantic

Fintech unicorn PhonePe has raised an additional $100 million from US-based investment firm General Atlantic as part of its on-going $1 billion funding round. It has raised $550 million from the investor till date.
 
With the latest tranche, PhonePe has raised a total of $850 million since moving its domicile in India and fully separating from the Flipkart Group. US-based retailer Walmart continues to be the majority stakeholder in both the companies. 
 
Business Today reported in April when the company received $100 million from the investor. Moreover, General Atlantic previously infused $350 million into the company in January 2023. The round was raised at a pre-money valuation of $12 billion, making PhonePe the most valued (privately held) fintech firm in the country. 
 
The fintech platform has also secured $100 million from venture capital investors Ribbit Capital, Tiger Global and TVS Capital Funds in February and $200 million in primary capital from Walmart in March. 
 
Early this month, PhonePe forayed into e-commerce with the launch of a new consumer application named ‘Pincode’. It is a buyer-side application on the Open Network for Digital Commerce (ONDC), which is a government-backed initiative to democratise e-commerce in India. Pincode will be a pure hyper-local ecommerce app that will connect sellers on the ONDC network to consumers. The service is currently live only in Bangalore. The Pincode app will promote local shopkeepers and sellers and digitally connect each city’s consumers with all their neighborhood stores that they usually buy from offline. It is launched with six categories such as food, groceries, pharma, fashion, electronics and home decor. PhonePe expects to clock one lakh orders a day by the end of this year. 
 
It is also important to note that the company is gearing up for its stock market debut. In an interview with Economic Times recently, Walmart’s President and CEO, Doug McMillon said that PhonePe will likely go for an India listing. “We are really pleased that it’s (PhonePe) now domiciled here, and that would indicate we would most likely list in India when its time. But the decision on Flipkart's listing hasn’t been made yet," he said. 

Also Read: Zomato targeting group-level profitability, including Blinkit, in 4 quarters: CEO