Startup Atlas · Digital Payments

PhonePe Unicorn Acquired

PhonePe Limited ● Bengaluru, Karnataka ● Founded 2015 ● phonepe.com ↗

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.

Sameer Nigam · Co-Founder, Whole-time Director & Chief Executive Officer Rahul Chari · Co-Founder, Whole-time Director & Chief Technology Officer Burzin Engineer · Co-Founder & Chief Reliability Officer
$1.35 BnTotal funding (tracked)
4Funding rounds
17 Mar 2023Last round
12,265Team size (sourced)

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 Management TVS Capital Funds source
19 Jan 2023 Growth/Primary (Tranche 1) $350 million General Atlantic source
2 Dec 2020 Primary funding / partial spin-off from Flipkart $700 million Walmart Tiger Global Management source

Acquisitions

DateAcquirerAcquiredAmountSource
29 Jul 2022 PhonePe Indus OS 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
1 Apr 2016 Flipkart PhonePe Undisclosed source

Recent Signals

  • 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

L Litmus · by Lapaas

See the full business-model breakdown and validation framework for this company.

View Litmus Analysis

FAQs 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 $1.35 Bn across 4 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 Management, 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, PhonePe Protect (real-time fraud & security protection), Gamified rewards & engagement (cashback, scratch cards).

How does PhonePe make money?

PhonePe's cited revenue streams include Payments monetization / merchant fees, Financial services distribution (insurance, lending, wealth), Merchant payments monetization (devices & value-added services), Platform & emerging revenue (advertising, recharges, Share.Market, Indus Appstore).

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: www.phonepe.com · Last verified 5 Sep 2026. · Report a correction