PhonePe raises $100-M addl funding from Ribbit, Tiger Global, TVS Capital

Bengaluru-headquartered fintech major PhonePe has raised another USD 100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-money valuation of USD 12 Billion. This investment follows a recent USD 350 million fund raise (from General Atlantic). PhonePe started its latest fund-raise with a target of raising up to USD 1 Billion, post its domicile shift to India. The company expects further investments from global, as well as high-net-worth Indian investors. PhonePe plans to deploy the new funds to scale up its payments and insurance businesses in India, as well as to launch and scale new businesses such as lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years. PhonePe was founded in December 2015 and claims to have 44 crore registered users. The company has also digitised 3.5 crore offline merchants spread across the country. It claims to process over 45% of the transactions on the Bharat Bill Pay System (BBPS) platform.