PhonePe is a Bengaluru-based digital payments and financial services company backed by Walmart. It operates India's largest UPI application by transaction volume, and runs lending, insurance, stock broking and mutual fund distribution businesses alongside the payments platform.
1StartupFox story
2015Founded
Fintech(Digital Payments)Sector
Jul 2026Latest coverage
Funding
PhonePe has raised $1.55B across 2 disclosed rounds.
$1.55BRaised
$850MLatest round
$12BValuation
2Events
Chart appears once 1 more funding round is recorded — below that a chart shows less than the table does.
$12 billion pre-money. Raised in tranches against an up-to-$1 billion target; later reporting refers to a 2023 valuation
2023Round$850MGeneral Atlantic, Walmart, Ribbit Capital, Tiger Global, TVS Capital Funds $12 billion pre-money. Raised in tranches against an up-to-$1 billion target; later reporting refers to a 2023 valuation
Dec 2020Round$700MExisting Flipkart investors led by Walmart, including Tiger Global $5.5 billion, at the point of spin-off from Flipkart
Valuation journey
Price marks from disclosed rounds — PhonePe has been a unicorn since Dec 2020, last reported at $12B (unconfirmed).
Company-stated normalised operational net loss ₹1,377 crore. Total expenses ₹10,588.51 crore. Includes a ₹231 crore exceptional loss, largely goodwill impairment, and a ₹364 crore loss from discontinued operations tied to the Pincode closur
Passed to Walmart as part of its acquisition of Flipkart. ↗
Dec 2020 · funding
Round — $700M, led by Existing Flipkart investors led by Walmart.
Dec 2022 · milestone
Changed domicile to India and fully separated from the Flipkart Group. ↗
2023 · funding
Round — $850M, led by General Atlantic.
2025 · milestone
Discontinued income from rent and related payment categories following Reserve Bank of India guidelines. ↗
Oct 2025 · milestone
General Atlantic reported to have invested $600 million at a valuation of about $14.5 billion, alongside a confidential IPO filing. Attributed to people familiar with the matter and not confirmed by the company. ↗
Dec 2025 · milestone
Discontinued Pincode's business-to-consumer operations to concentrate on B2B solutions for offline retailers. ↗
Mar 2026 · milestone
Deferred public listing plans citing conflict in West Asia and heightened market volatility. ↗
Jun 2026 · milestone
Akash Dongre, co-founder and chief product officer of PhonePe-owned Indus Appstore, stepped down. ↗
Jul 2026 · milestone
Vishal Gupta, head of the insurance arm, stepped down after more than a decade at the company. ↗
25 Jul 2026 · milestone
FY26 filings showed operating revenue of ₹7,920.48 crore and a consolidated net loss of ₹2,791.59 crore. ↗
IPO Watchreported
StatusUpdated DRHP filed with SEBI; listing deferred
DRHPUpdated draft red herring prospectus filed with SEBI
Issue reported at around ₹12,000 crore, about $1.5 billion. Listing deferred in March 2026 citing conflict in West Asia and heightened market volatility. No revised timeline announced. Source ↗
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PhonePe is a Bengaluru-based digital payments and financial services company backed by Walmart. It operates India's largest UPI application by transaction volume, and runs lending, insurance, stock broking and mutual fund distribution businesses alongside the payments platform.
Who founded PhonePe?
PhonePe is associated with Sameer Nigam.
How much funding has PhonePe raised?
PhonePe has raised $1.55B across 2 disclosed rounds. The most recent was a $850M round in 2023.
Who are PhonePe's investors?
Disclosed investors in PhonePe include General Atlantic, Walmart, Ribbit Capital, Tiger Global, TVS Capital Funds, Existing Flipkart investors led by Walmart, including Tiger Global.
What is PhonePe's valuation?
PhonePe was last reported at $12 billion pre-money. Raised in tranches against an up-to-$1 billion target; later reporting refers to a 2023 valuation, at the time of its round in 2023.
Is PhonePe profitable?
Per its FY26 consolidated filing, PhonePe reported ₹7,920 Cr in revenue, with a ₹2,792 Cr loss.
What is the status of the PhonePe IPO?
Updated DRHP filed with SEBI; listing deferred. DRHP: Updated draft red herring prospectus filed with SEBI. (As reported; not confirmed by the company.)
What is the latest news on PhonePe?
The most recent StartupFox coverage is “PhonePe Reports ₹7,920 Crore FY26 Revenue As Net Loss Widens 62 Percent To ₹2,792 Crore” (27 July 2026). All stories are listed on this page.
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