PhonePe secures an additional $100 million investment from General Atlantic
Bengaluru, May 22nd, 2023: PhonePe is pleased to announce that it has secured an additional $100 million investment from General Atlantic, a leading global growth equity firm, as part of its ongoing fundraise. This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential.
With this latest primary infusion from General Atlantic, PhonePe has now raised a total of $850 million of primary capital in the current round.
PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 46+ crore (460+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).
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