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…