PhonePe Raises $100 Million From TVS Capital Funds, Tiger Global, And Ribbit Capital

On Tuesday, a leading fintech company PhonePe revealed that it has raised another $100 million in primary funding from Ribbit Capital, Tiger Global, and TVS Capital Funds at a $12 billion pre-money valuation.

The latest $350 million primary fundraising from General Atlantic, a top global growth equity firm, which PhonePe closed in January, is followed by the new investment.

According to Sameer Nigam, CEO and Founder of PhonePe, "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," 

After moving its domicile to India, PhonePe initiated its most recent fundraising campaign with the goal of raising up to $1 billion in capital.

The company has already raised $450 million with its second tranche in just six weeks from credible investors.

In due course, it anticipates receiving additional investments from eminent high-net-worth individuals from both abroad and 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,"  the founder of Ribbit Capital, Micky Malka, stated.

One in four Indians currently use PhonePe, which was founded in December 2015 and has 44 crore registered users. 99 percent of the country's pin codes have been effectively covered by the company's successful digitization of 3.5 crore offline retailers spread out across the nation.

In addition, PhonePe leads the Bharat Bill Pay System (BBPS), handling more than 45% of all transactions on the BBPS platform. According to Scott Shleifer, Partner at Tiger Global, "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,"