PhonePe raised $100 mn from Ribbit Capital, Tiger Global, TVS Capital

PhonePe, a leading fintech company, has raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds.
The new investment follows the recent $350 million primary fundraise from General Atlantic, a global growth equity firm, that PhonePe closed in January.

PhonePe started its latest fundraise with a target of raising up to $1 billion in capital, post its domicile shift to India.

With this second tranche, the company has already raised $450 million within six weeks from leading investors.

It expects further investments from leading global, as well as prominent high net worth Indian investors in due course.

Founded in December 2015, PhonePe has 44 crore registered users and one in four Indians are now on PhonePe.

The company has digitised 3.5 crore offline merchants spread across the country, covering 99 percent pin codes in the country.

PhonePe is the leader in Bharat Bill Pay System (BBPS), processing over 45 percent of the transactions on the BBPS platform.

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