PhonePe raises extra $100 mn at $12 bn valuation

BENGALURU: Leading fintech company PhonePe on Tuesday announced 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.

The new investment follows the recent $350 million primary fundraise 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-founder, PhonePe.

PhonePe started its latest fundraise with a target of raising up to $1 billion in capital, post its domicile shift to India. With this second tranche, it has already raised $450 million in six weeks from leading investors.