PhonePe on Tuesday announced it has raised another $ 100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital finances, at a pre-money valuation of$ 12 billion. The new investment follows the recent $ 350 million primary fundraise from General Atlantic, a leading global growth equity establishment, that PhonePe closed in January.
“We’re privileged to have a great set of leading global investors, both being and new, who believe in our charge of erecting massive technology platforms to bring at- gauge fiscal and digital addition in India,” Sameer Nigam, CEO and Author of PhonePe. PhonePe started its rearmost fundraise with a target of raising up to$ 1 billion in capital, post its fireside shift to India.
PhonePe has now enabled payments abroad, making it the first fintech platform in India to have such an installation. Indians travelling abroad can now pay foreign merchandisers using UPI. Under this installation, foreign currency will be subtracted from the stoner’s bank account, which is analogous to transnational disbenefit card deals. PhonePe said all transnational trafficker outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have an original QR law are supported. The installation is anticipated to roll out in further countries. Sameer Nigam, CEO and author of PhonePe, said, “I would like to thank Ribbit Capital, Tiger Global and TVS Capital finances for reposing their faith in us. We’re privileged to have a great set of leading global investors, both being and new, who believe in our charge of erecting massive technology platforms to bring at- gauge fiscal and digital addition in India”.
Micky Malka, author of Ribbit Capital, said, “PhonePe lives by the same values as we do at Ribbit. We both believe that better plutocrat makes life better. PhonePe’s grim pursuit of this principle in serving consumers and businesses each across India is a charge to live for”.