PhonePe raises another $100m round at $12b valuation

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PhonePe, the India-based fintech unicorn, has secured US$100 million funding from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-money valuation of US$12 billion.

The latest funds are in addition to the US$350 million raised by the Walmart-owned firm in January. This means that PhonePe has bagged US$450 million within a span of six weeks.

PhonePe has been eyeing a tranche of US$1 billion since moving its domicile back from Singapore to India in October 2022.

It also separated from Flipkart in December, with the latter planning a blockbuster IPO in the US for this year.

With over 440 million registered users, PhonePe offers one of the largest payments ecosystems in India.

The fresh funding will be used to boost the company’s payments and insurance businesses in India and to scale up new verticals such as lending and stockbroking. In a statement, PhonePe said it expects more investments from global and Indian investors in due course.