May 22, 2023LATEST SOURCED
primary
2023 primary raise — fifth tranche
General Atlantic
Amount$100MValuationUndisclosed
← Company explorer
Captables
PH
HISTORICAL P100 / #24
PhonePe
Fintech / Payments · India
Historical ranking valuation$15.0BSource snapshot: Jun 19, 2026
Disclosed primary funding in this record
$750MSum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.
4 confirmed primary rounds with disclosed USD amounts · Record through 2026-09-28THE BUSINESS
Get to know PhonePe.
PhonePe operates an Indian digital-payments platform and related financial-services businesses. Its company overview also lists insurance, lending and wealth products, the Share.Market investment platform and Indus Appstore.
PhonePe company overview ↗Source checked Sep 24, 2026Valuation history
Valuations reported at the time of each round.
$12B pre-money (reported)2023 primary raise — fourth tranche · ReportedSource ↗
$12 billion (pre-money)2023 primary raise — third tranche · ConfirmedSource ↗
$12B pre-money2023 primary raise — second tranche · ConfirmedSource ↗
$12 billion (pre-money)2023 primary raise — first tranche · ConfirmedSource ↗
$5.5B post-money (reported)Walmart-led financing alongside partial separation · ReportedSource ↗
Funding history
Funding rounds, debt and other financing events.
9sourced events · record as of 2026-09-28
PhonePe says its 2023 primary raise reached $850M across tranches; that cumulative figure is not an additional round. The April $100M tranche is independently reported and supported by the company's cumulative disclosures, but its exact USD amount is not separately stated in a PhonePe press release. Entrackr's August 2021 original filing-based report describes two $350M tranches within the $700M financing announced in December 2020, not $700M plus two additional rounds. The component observations are non-additive and Reported; their underlying filings were not inspected by Captables. Older spin-off and secondary database entries are not counted as issuer funding without transaction-level support. This is not an independently reviewed complete history or current shareholder register; exact subscribing vehicles, retained holdings, source rights and current private-P100 eligibility remain unresolved.
Apr 12, 202308
primary
2023 primary raise — fourth tranche
General Atlantic and co-investors
AmountUSD 100,000,000Valuation$12B pre-money (reported)
Mar 17, 202307
primary
2023 primary raise — third tranche
Walmart
AmountUSD 200,000,000Valuation$12 billion (pre-money)
Feb 14, 202306
primary
2023 primary raise — second tranche
Ribbit Capital · Tiger Global · TVS Capital Funds
AmountUSD 100,000,000Valuation$12B pre-money
Jan 19, 202305
primary
2023 primary raise — first tranche
General Atlantic
AmountUSD 350,000,000Valuation$12 billion (pre-money)
Dec 3, 202004
primary
Walmart-led financing alongside partial separation
Walmart (lead)
December 3 is the company announcement timing, not $700M received on December 3. Entrackr's August 18, 2021 original report says the same financing comprised a $350M December 2020 first tranche and a $350M 2021 second tranche: https://entrackr.com/2021/08/exclusive-phonepe-closes-700-mn-round-with-participation-of-tencent-and-tiger/ . Both component observations are included here, not separate additive capital. The contemporaneous company-attributed report and later filing-based journalism remain Reported, not authenticated settlement or a complete legal financing register.
Amount$700M (contemporaneously reported)Valuation$5.5B post-money (reported)
Dec 3, 202003
other
Partial separation from Flipkart
Investors undisclosed
AmountNo issuer financing amount disclosedValuationUndisclosed
Dec 202002
primary
December 2020 first tranche (reported)
Walmart · Tencent · Tiger Global Management
Source published Aug 18, 2021; not a financing date
Included in Walmart-led financing alongside partial separation; not added again to the confirmed-raised sum.
Entrackr retrospectively reports $350M from these three investor groups in December 2020. Only the month is established; December 1 is a month-precision marker, not a closing day. No first-tranche lead or investor-level cheque is independently attributed here. This component is included in the $700M financing package, not additional capital. The later publication does not make it a new August 2021 round. Exact subscribing vehicles, share quantities and current retained balances remain unknown.
Amount$350M (reported component)ValuationUndisclosed
Date undisclosedUNDATED
primary
2021 second tranche (reported)
Walmart (lead) · Tencent · Tiger Global Management
Source published Aug 18, 2021; not a financing date
Included in Walmart-led financing alongside partial separation; not added again to the confirmed-raised sum.
The original August 18 report describes the second $350M tranche of the financing announced in December 2020. Its publication is not an authenticated settlement date; exact closing timing is unknown. Singapore filings cited by the reporters were not inspected by Captables. The reported valuation range is Fintrackr's estimate, not an issuer-confirmed price. The component is included in the $700M package, not additional capital. Names denote reported investor groups, not exact legal subscribers, share classes or current retained holdings. BusinessToday's derivative report gives a different Walmart cheque amount; no investor cheque allocation is asserted here.
Amount$350M (reported component)Valuation$5.5B–$5.7B (Fintrackr estimate)
Unverified database leads (4)
These database claims have not been independently verified and are excluded from the sourced-event count.
Oct 29, 2025UNVERIFIED
secondary
Secondary
Investor participation not independently verified
AmountUndisclosedValuationUndisclosed
2025UNVERIFIED
secondary
Secondary market transaction (unverified size)
Investor participation not independently verified
AmountDatabase claims $600M; unverifiedValuationUndisclosed
Jul 13, 2023UNVERIFIED
primary
Growth Equity
Investor participation not independently verified
AmountUndisclosedValuationUndisclosed
Apr 2020UNVERIFIED
primary
Corporate Round (Flipkart Investment)
Investor participation not independently verified
AmountDatabase claims $28M; unverifiedValuationUndisclosed
Financing participants
Investors, lenders and other parties named in funding announcements.
General Atlantic
2023 primary raise — fifth tranche · May 22, 2023 · Participant · primary · Confirmed · Confirmed source ↗
2023 primary raise — first tranche · Jan 19, 2023 · Participant · primary · Confirmed · Confirmed source ↗
General Atlantic and co-investors
2023 primary raise — fourth tranche · Apr 12, 2023 · Participant · primary · Reported · Reported source ↗
Walmart
2023 primary raise — third tranche · Mar 17, 2023 · Participant · primary · Confirmed · Confirmed source ↗
Walmart-led financing alongside partial separation · Dec 3, 2020 · Lead participant · primary · Reported · Reported source ↗
December 2020 first tranche (reported) · Dec 2020 · Participant · primary · Reported · Reported source ↗
2021 second tranche (reported) · Date undisclosed · Lead participant · primary · Reported · Reported source ↗
Ribbit Capital
2023 primary raise — second tranche · Feb 14, 2023 · Participant · primary · Confirmed · Confirmed source ↗
Tiger Global
2023 primary raise — second tranche · Feb 14, 2023 · Participant · primary · Confirmed · Confirmed source ↗
TVS Capital Funds
2023 primary raise — second tranche · Feb 14, 2023 · Participant · primary · Confirmed · Confirmed source ↗
Tencent
December 2020 first tranche (reported) · Dec 2020 · Participant · primary · Reported · Reported source ↗
2021 second tranche (reported) · Date undisclosed · Participant · primary · Reported · Reported source ↗
Tiger Global Management
December 2020 first tranche (reported) · Dec 2020 · Participant · primary · Reported · Reported source ↗
2021 second tranche (reported) · Date undisclosed · Participant · primary · Reported · Reported source ↗
Ownership evidence
Opening ownership research…
Captables coverage
Deals / Captables
PhonePe's latest round: Undisclosed Growth Equity
PhonePe's latest public financing record lists an undisclosed amount in its Growth Equity dated July 13, 2023. Captables places the event in the company's disclosed funding history.
Captables Newsroom · 58d ago