PhonePe, an Indian FinTech, has raised another $100m in primary capital as the company continues to go on a funding spree.
The funding was raised by Ribbit Capital, TVS Capital Funds and Tiger Global. This new investment follows the recent $350m primary fundraise that closed on January 19 this year.
PhonePe started its latest fundraiser with a target of raising up to $1bn in capital, post its domicile shift to India.
With this second tranche, it has already raised $450m within six weeks from leading investors. The company expects further investments from leading global, as well as prominent high-net-worth Indian investors in due course.
PhonePe plans to use the new influx of capital to scale up its payments and insurance businesses in India and also launch and scale new businesses in lending, stockbroking and shopping and account aggregators over the next few years.
PhonePe CEO and founder Sameer Nigam said, “I would like to thank Ribbit Capital, Tiger Global and TVS Capital Funds for reposing their faith in us. 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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