Fintech platform PhonePe 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. 

The new investment follows the recent $350 million primary fundraise that closed on January 19, 2023.

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, it has already raised $450 million within six weeks from leading investors.

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

PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like Lending, Stockbroking, ONDC-based Shopping and Account Aggregators over the next few years. 

"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.