PhonePe announced on Tuesday that it 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 fundraiser that closed on January 19th, 2023.  
 
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.
 
“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,” the release stated.
 
 ‘’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 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.

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Gopal Srinivasan, Chairman and Managing Director, of TVS Capital Funds said that this initiative is more like an opportunity in a population scale business for New India, driven by an outstanding management team with razor-sharp focus, as driven by execution.

 

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