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Digital payments platform PhonePe raised $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion.
PhonePe intends to use the funds to expand its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses such as lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years. PhonePe claims to have digitised over 35 million offline merchants spread across smaller cities, with over 400 million registered users. In terms of UPI transactions, it has a market share of more than 45%, followed by Google Pay and Paytm.
