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PhonePe Raises $100 Million In Additional Funding At $12 Billion Valuation The company 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

By Teena Jose

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PhonePe Twitter handle

PhonePe, one of India's largest fintech platforms, has raised another $100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-money valuation of $12 billion. This new investment follows the recent $350 million primary fundraise that closed on January 19th, 2023. The company 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," said Sameer Nigam, CEO and founder of PhonePe.

PhonePe started its latest fundraise with a target of raising up to $1 billion in 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, claimed by the company in a statement.

"PhonePe lives by the same values as we do at 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," said Micky Malka, founder of Ribbit Capital.

Founded in December 2015, PhonePe was recently recognized as the most trusted brand for digital payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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