With a pre-money valuation of US $12 billion, PhonePe, an Indian FinTech unicorn, has raised US $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds.
The most recent funding comes on top of the US$350 million the Walmart-owned company raised in January. This indicates that in just six weeks, PhonePe has made US$450 million.
Since returning to India in October 2022 from Singapore, PhonePe has had its sights set on a $1 billion tranche.
In December, it also severed ties with Flipkart, which was preparing for a huge IPO in the US this year.
One of India’s major payment ecosystems, PhonePe, has over 440 million registered users.
The additional capital will be utilised to expand new verticals including lending and stockbroking as well as grow the company’s payments and insurance operations in India. In a statement, PhonePe stated that it anticipates future investments from both international and Indian companies.
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