PhonePe raised $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds

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Digital payments platform PhonePe raised $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion.

PhonePe intends to use the funds to expand its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses such as lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years. PhonePe claims to have digitised over 35 million offline merchants spread across smaller cities, with over 400 million registered users. In terms of UPI transactions, it has a market share of more than 45%, followed by Google Pay and Paytm.

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PhonePe raised $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds

Digital payments platform PhonePe raised $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion.

PhonePe intends to use the funds to expand its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses such as lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years. PhonePe claims to have digitised over 35 million offline merchants spread across smaller cities, with over 400 million registered users. In terms of UPI transactions, it has a market share of more than 45%, followed by Google Pay and Paytm.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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