Weeks after raising $350 million, Indian digital payment platform PhonePe has secured an additional $100 million in funding, elevating its valuation to $12 billion.
This latest funding round saw participation from investors including Ribbit Capital, Tiger Global, and TVS Capital Funds, with PhonePe anticipating further investments in the near future.
The capital will be utilized to expand PhonePe’s payments and insurance operations in India, as well as to aggressively pursue growth in new sectors such as lending, stockbroking, ONDC-based shopping, and account aggregators over the coming years.
Sameer Nigam, CEO of PhonePe, stated, “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.”
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