Fintech agency PhonePe has raised one other $100 million (about Rs. 828 crore) in main capital from new buyers Ribbit Capital and TVS Capital Funds with participation from current investor Tiger Global, at a pre-money valuation of $12 billion (roughly Rs. 99,400 crore), the corporate stated on Tuesday. This follows a $350 million (roughly Rs. 3,000 crore) main fundraise by the corporate on January 19 from General Atlantic.
“PhonePe started its latest fundraise with a target of raising up to $1 billion (roughly Rs. 8,300 crore) in capital, post its domicile shift to India. With this second tranche, it has already raised $450 million (roughly Rs. 3,800 crore) 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 stated in an announcement.
PhonePe plans to deploy these funds to scale up its funds and insurance coverage companies in India, in addition to to launch and aggressively scale new companies like lending, stockbroking, ONDC-based purchasing and account aggregators over the subsequent 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,” PhonePe CEO and Founder Sameer Nigam stated.
Ribbit Capital Founder Micky Malka stated 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 stated.
Tiger Global’s Partner Scott Shleifer stated the agency is happy to proceed its partnership with PhonePe as they lead the digital funds sector in India which continues to be within the early levels with important progress potential forward.
“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,” TVS Capital Funds Chairman and Managing Director Gopal Srinivasan stated.
