PhonePe Unicorn
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, offering UPI-based payments, insurance, lending, wealth management (Share.Market), hyperlocal commerce (Pincode) and app distribution (Indus Appstore). It is majority-owned by Walmart and is India's largest UPI app by transaction volume and value.
PhonePe: Funding Rounds
| Date | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 17 Mar 2023 | Growth/Primary (Walmart tranche) | $200 million | Walmart | source |
| 14 Feb 2023 | Growth/Primary (Tranche 2) | $100 million | Ribbit Capital Tiger Global TVS Capital Funds | source |
| 19 Jan 2023 | Growth/Primary (Tranche 1) | $350 million | General Atlantic | source |
Acquisitions
| Date | Acquirer | Acquired | Amount | Source |
|---|---|---|---|---|
| 29 Jul 2022 | PhonePe | indus-os-oslabs | Undisclosed | source |
| 18 May 2022 | PhonePe | wealthdesk | Undisclosed | source |
| 18 May 2022 | PhonePe | openq | Undisclosed | source |
| 21 Mar 2022 | PhonePe | gigindia | Undisclosed | source |
| 16 Jul 2018 | PhonePe | zopper-retail | Undisclosed | source |
Recent Signals
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17 Jun 2026 · competitive
PhonePe and Google Pay's combined UPI market share falls below 80% for the first time source -
16 Mar 2026 · funding
PhonePe pauses ~$1.5B IPO amid global market volatility, valuation guidance cut toward $9-10.5B source -
23 Jan 2026 · financial
PhonePe's updated DRHP shows FY25 revenue of ₹7,115 Cr (+40% YoY) and first positive adjusted EBIT source
News on PhonePe
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25 May 2026
Walmart delay PhonePe’s $1.3B IPO
L Litmus · by Lapaas
See the full business-model breakdown and validation framework for this company.
View Litmus AnalysisFAQs on PhonePe
Who founded PhonePe?
PhonePe was founded by Sameer Nigam, Rahul Chari, Burzin Engineer in 2015.
How much funding has PhonePe raised?
PhonePe has raised $650 Mn across 3 tracked funding round(s), most recently on 2023-03-17. Figures are compiled from cited public sources.
Who are the investors in PhonePe?
Investors in PhonePe include Walmart, Ribbit Capital, Tiger Global, TVS Capital Funds, General Atlantic.
What does PhonePe do?
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, offering UPI-based payments, insurance, lending, wealth management (Share.Market), hyperlocal commerce (Pincode) and app distribution (Indus Appstore). It is majority-owned by Walmart and is India's largest UPI app by transaction volume and value.
Where is PhonePe headquartered?
PhonePe is headquartered in Bengaluru, Karnataka, India.
What is PhonePe's business model?
PhonePe's core value proposition centers on Free, ubiquitous UPI payments, One app for money and services.
How does PhonePe make money?
PhonePe's cited revenue streams include Payment services / merchant fees, Financial services distribution (insurance, lending, wealth).