PhonePe accounts for nearly half of total UPI transactions in December.
Walmart-backed Indian fintech platform PhonePe has raised $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds at a $12 billion valuation. This follows a recent fundraise by the company worth $350 million in January from General Atlantic.
“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,” PhonePe chief Sameer Nigam said.
This is the second tranche out of the targeted fundraising of up to $1 billion, the company said in a blog. Having raised $450 million in six weeks, the fintech major expects further investments from leading investors in due course.
The funds raised by the company will be utilized to scale up PhonePe’s payments and insurance businesses in the country. It also plans to launch and “aggressively” scale new businesses like lending, stockbroking, etc over the next few years.
India’s most valued fintech company PhonePe recently reported revenue of $234 million in the first nine months of 2022. This is a jump from the $201.6 million that the company earned in the financial year 2022 or the 12-month period that ended in March 2022.
PhonePe accounts for nearly half of total united payments interface, or UPI, transactions in December. The startup was acquired by Indian e-commerce major Flipkart in 2016, but the two firms completed the separation process last year. The company relocated its headquarters from Singapore to India last year.