General Atlantic invests another $600 million in IPO-bound PhonePe

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.