Indian funds app PhonePe has secured a further $100 million in recent capital from Ribbit Capital, Tiger World and TVS Capital Funds, at a valuation of $12 billion.
The brand new capital infusion follows a $350 million fundraise from Normal Atlantic final month. PhonePe goals to lift “as much as $1 billion” in capital, anticipating additional investments from international and Indian traders “sooner or later”.
Based in 2015, PhonePe claims to be India’s largest funds app, catering to each shoppers and retailers and serving over 440 million customers throughout the subcontinent. It gives cost companies, together with invoice funds, in addition to investments and insurance coverage merchandise.
Cash from the most recent funding tranche might be used in the direction of scaling PhonePe’s funds and insurance coverage enterprise in India. It’ll even be used to maneuver into new companies resembling lending, stockbroking, ONDC-based purchasing and account aggregators over the subsequent few years, the decacorn says.
“PhonePe is the rank one transaction platform in India with a formidable moat of strong tech capabilities,” says Gopal Srinivasan, chairman and managing director, TVS Capital Funds.
“Its sturdy progress in monetary companies throughout funds, insurance coverage and lending with unopened doorways to 2 large alternatives by ONDC and Appstore, have been key causes in our funding thesis.”