India’s PhonePe nets additional $100m in ongoing fundraise
Indian payments app PhonePe has secured an additional $100 million in fresh capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a valuation of $12 billion.
PhonePe nets additional $100m in ongoing fundraise
The new capital infusion follows a $350 million fundraise from General Atlantic last month. PhonePe aims to raise “up to $1 billion” in capital, expecting further investments from global and Indian investors “in due course”.
Founded in 2015, PhonePe claims to be India’s largest payments app, catering to both consumers and merchants and serving over 440 million users across the subcontinent. It offers payment services, including bill payments, as well as investments and insurance products.
Money from the latest funding tranche will be used towards scaling PhonePe’s payments and insurance business in India. It will also be used to move into new businesses such as lending, stockbroking, ONDC-based shopping and account aggregators over the next few years, the decacorn says.
“PhonePe is the rank one transaction platform in India with an impressive moat of robust tech capabilities,” says Gopal Srinivasan, chairman and managing director, TVS Capital Funds.
“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.”
