Our firm advised and represented PhonePe in relation to its fund raise of USD 350 million from General Atlantic, a leading global growth equity firm, at a pre-money valuation of USD 12 billion[1]. The General Atlantic investment marks the first tranche of an up to USD 1 billion total fundraise that PhonePe commenced in January 2023.

PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country.

The company also plans to invest in new businesses, including insurance, wealth management, and lending. The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI to enable greater financial inclusion for Indians.

Deal value: USD 350 million


The Transaction was led by our Partners, Saurav Kumar and Rohit Ambast, along with Swathi Sreenath (Principal Associate), Saurabh Raman (Associate) and Shreya Chaturvedi (Associate).

INDUSLAW Competition Advisory Team included Unnati Agrawal (Partner) and Yash Lahoty (Associate), with strategic inputs on competition law from Avimukt Dar (Founding Partner).

Other law firm included:

  • Shardul Amarchand Mangaldas & Co represented General Atlantic

[1] https://www.moneycontrol.com/news/business/startup/phonepe-raises-350-mn-from-general-atlantic-to-raise-1-bn-in-total-at-12bn-valuation-9892911.html



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