[Funding Alert] PhonePe Bags $100 mn in Additional Funding at $12 bn Valuation
[Funding Alert] PhonePe Bags $100 mn in Additional Funding at $12 bn Valuation

PhonePe has raised another $100 million in primary capital from new investors Ribbit Capital and TVS Capital Funds with participation from existing investor Tiger Global, at a pre-money valuation of $12 billion, the company said.

This follows a $350 million primary fundraise by the company on January 19 from General Atlantic.

PhonePe started its latest fundraising with a target of raising up to $1 billion in the capital, post its domicile shift to India. With this second tranche, it has already raised $450 million within six weeks from leading investors. The company expects further investments from leading global, as well as prominent high net worth Indian investors in due course,” it said in a statement.

PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years.

I would like to thank Ribbit Capital, Tiger Global, and TVS Capital Funds for reposing their faith in us. We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India,” Sameer Nigam, CEO, and Founder, PhonePe.

Ribbit Capital Founder Micky Malka said PhonePe’s values are in sync with Ribbit.

We both believe that better money makes life better. PhonePe’s relentless pursuit of this principle in serving consumers and businesses all across India is a mission to live for,” Malka said.

Tiger Global’s Partner Scott Shleifer said the firm is excited to continue its partnership with PhonePe as they lead the digital payments sector in India which is still in the early stages with significant growth potential ahead.

PhonePe is the number 1 transaction platform in India with an impressive moat of robust tech capabilities. Its strong growth in financial services across payments, insurance and lending with unopened doors to two massive opportunities through ONDC and Appstore, were key reasons in our investment thesis,” said Gopal Srinivasan, Chairman and MD, TVS Capital Funds.

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading