India’s PhonePe Raises $100 Million At $12 Billion Valuation

PhonePe, an Indian digital payment platform, has raised another $100 million at a $12 billion valuation, just a few weeks after raising $350 million.

Ribbit Capital, Tiger Global, and TVS Capital Funds all joined the round that was already going on. PhonePe says that it expects more money to come in.

The money will be used to grow PhonePe’s payments and insurance businesses in India. It will also be used over the next few years to launch and grow aggressively in new areas like lending, stockbroking, ONDC-based shopping, and account aggregators.

Sameer Nigam, CEO, PhonePe, says:

“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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