PhonePe Bags Another US$100M, Inching Closer to US$1B Fundraise Targetby Fintech News Singapore February 15, 2023
Indian digital payments company PhonePe has raised an additional US$100 million following the recent US$350 million financing round that closed on 19 January 2023.
The latest raise from Ribbit Capital, Tiger Global and TVS Capital Funds places PhonePe’s pre-money valuation at US$12 billion.
PhonePe started its latest fundraise with a target of raising up to US$1 billion in capital following its domicile shift from Singapore to India. PhonePe had to fork out INR 8000 crores (approximately US$18.35 million) in taxes for the move.
The company said that it 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 scale new businesses like lending, stockbroking, Open Network for Digital Commerce (ONDC)-based shopping and account aggregators over the next few years.
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.’’