PhonePe raises additional $100 million at $12 billion valuation
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Bengaluru: Fintech major PhonePe on Tuesday announced that it has raised $100 million in seed funding from Ribbit Capital, Tiger Global and TVS Capital funds at a pre-money valuation of $12 billion. The new investment comes after a recent $350 million primary funding round from General Atlantic, a leading global growth equity firm, which was closed by PhonePe in January.
Sameer Nigam, CEO & Founder, PhonePe said, “We have a great line-up of leading global investors, both existing and new, who are committed to our mission of building large-scale technology platforms to drive financial and digital inclusion in India at scale. We believe.” PhonePe launched its latest fundraise with an aim to raise up to $1 billion in capital after shifting its domicile to India.
With this second tranche, the company has already raised $450 million from key investors within six weeks. It expects leading global, as well as leading high net worth Indian investors to invest more in due course.
Mickey Malka, Founder, Ribbit Capital said, “PhonePe is driven by the same values we live by at Reddit. We both believe that better money makes life better. PhonePe’s relentless pursuit of this principle to serve consumers and businesses across India is a mission to live by.”
Established in December 2015, PhonePe has 440 million registered users and one in four Indians is now on PhonePe. The company has successfully digitized 35 million offline merchants spread across the country, covering 99% of the country’s pin codes. PhonePe is also a leader in the Bharat Bill Pay System (BBPS), processing over 45 percent of transactions on the BBPS platform.
“We are excited to continue our partnership with PhonePe as they lead the digital payments space in India, a market we believe still holds significant growth potential,” said Scott Slipher, Partner, Tiger Global. With is in the initial stage.
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