Digital payments platform based in India PhonePe 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.
The new investment follows the recent $350 million primary fundraising from General Atlantic, a leading global growth equity firm that PhonePe closed in January.
“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,” Sameer Nigam, CEO and Founder of PhonePe.
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, the company has already raised $450 million within six weeks from leading investors.
It expects further investments from leading global, as well as prominent high-net-worth Indian investors in due course.
“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.
Founded in December 2015, PhonePe has 44 crore registered users and one in four Indians is now on PhonePe.
The company has successfully digitized 3.5 crore offline merchants spread across the country, covering 99 percent pin codes in the country.
PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45 percent of the transactions on the BBPS platform.
“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.