PhonePe is an e-commerce payment system and digital wallet company that allows users to transfer money instantly to anyone, by using just their mobile number. The users of PhonePe can send and receive money, recharge mobile, DTH and data cards, make utility payments, pay at shops, invest in tax saving funds, and buy insurance, mutual funds, gold and silver.
The company has raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion. This new investment follows the recent $350 million primary fundraise that closed on January 19th, 2023. The company intends to use the fresh funding to scale up its payments and insurance businesses in India, as well as to launch and develop new businesses like lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years.
PhonePe, Bengaluru, India, was founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in 2015. “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,” said Sameer Nigam, CEO and Founder of PhonePe.
