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PhonePe raises $100 million in additional funding at a $12 billion valuation
- One of India's leading fintech platforms, PhonePe, said today that it has raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds at a $12 billion pre-money valuation.
One of India's leading fintech platforms, PhonePe, said today that it has raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds at a $12 billion pre-money valuation. Following the recent $350 million primary fundraise, which completed on January 19, 2023, enters this fresh investment.
After relocating its domicile to India, PhonePe initiated its most recent fundraising campaign with the goal of obtaining up to $1 billion in capital. With this second tranche, it has now received $450 million from reputable investors in just six weeks. The company anticipates receiving further investments from renowned high net worth investors in India as well as other top international markets soon. Over the next few years, PhonePe intends to use these funds to aggressively build new companies including Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators as well as to expand its Payments and Insurance operations in India.
Speaking on the fundraise, Sameer Nigam, CEO and Founder of PhonePe said, ‘’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 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.
“We are excited to continue our partnership with PhonePe as they lead the digital payments sector in India, a market we believe is still in the early stages with significant growth potential ahead,” said Scott Shleifer, Partner, Tiger Global.
“Our investment in PhonePe reinforces our conviction on backing best in class Founders while betting on the financial digitisation of the next 450 million Indians. We view this more as an opportunity in a population scale business for New India, driven by an outstanding management team with razor sharp focus, as driven by execution. PhonePe is the #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, “said Gopal Srinivasan, Chairman and Managing Director, TCF.
PhonePe, which was established in December 2015 and has since grown to be India's top payments app, now has 44 crore (440+ Million) registered users. Additionally, the organisation has effectively digitalized 3.5 crore (35 million) offline companies located in Tier 2, 3, 4, and above, representing 99% of the nation's pin codes. According to the Brand Trust Report 2022 published by Trust Research Advisory (TRA), PhonePe has recently been named the Most Trusted Brand for Digital Payments.
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First Published:14 Feb 2023, 04:09 PM IST
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