INDIA – PhonePe, a Bengaluru, India-based provider of fintech payment platforms, raised an additional $100M in funding, at a $12 Billion valuation.
In January the company announced a $350m round led by General Atlantic with participation from Marquee Global and Indian investors. Some days ago, Ribbit Capital, Tiger Global and TVS Capital, added a $100M investment The company intends to use the funds to make investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country, to invest in new businesses, including Insurance, Wealth Management, and Lending. Founded in December 2015 by Sameer Nigam, CEO, PhonePe is a company focused on payment apps. By building products and offerings tailored for the Indian market, today they have over 400 million registered users. The company has also digitized over 35 million offline merchants spread across Tier 2, 3, and 4 cities and beyond, covering 99% of pin codes in the country.PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. Since 2017, the company has introduced several Mutual Funds and Insurance products.The funding follows PhonePe’s recent separation from Flipkart and change of domicile to India. 19/01/2023
