Tiger Global and Ribbit invest another $100 million in PhonePe
PhonePe said it has raised another $100 million as part of an ongoing round, a deliberation that has so far pulled $450 million despite the market slump, as the Indian fintech giant bulks up its war chest following the recent separation from the parent firm Flipkart.
Ribbit Capital, Tiger Global and TVS Capital pumped the new $100 million into the startup. The ongoing round values the Bengaluru-headquartered PhonePe at a pre-money valuation of $12 billion. Walmart-backed PhonePe has said previously that it plans to raise up to $1 billion as part of the ongoing financing round.
“We are excited to continue our partnership with PhonePe as they lead the digital payments sector in India, a market we believe is still in the early stages with significant growth potential ahead,” said said Scott Shleifer, a Partner at Tiger Global, in a statement.
At a $12 billion valuation, PhonePe is India’s most valuable fintech startup. It competes with Google Pay and Paytm. Paytm, which expects to reach $1 billion revenue by March this year, is currently valued at $4.5 billion.