PhonePe announced on Tuesday that it has raised another 100 million dollars in seed capital from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-cash valuation of 12 billion dollars. This new investment follows the initial fundraising of 350 million dollars, which closed on January 19, 2023.

PhonePe has launched its latest fundraising operation aiming to raise up to 1 billion dollars in the capital, after making its home in India. With this second tranche, I have already raised 450 million dollars in six weeks from major investors. The company anticipates further investment from prominent global Indian investors as well as prominent high net worth investors in due course.

In the upcoming years, "PhonePe wants to aggressively develop and scale new companies such as loans, stock brokerage, ONDC-based purchasing, and account aggregators," according to the statement. It also plans to use these funds to grow its payments and insurance businesses in India.

"I want to thank Tiger Global, TVS Capital Funds, and Ribbit Capital for believing in us. Sameer Nigam, CEO and founder of the phone company, said

PhonePe follows the same values as Ribbit. We both concur that having more cash makes life better. PhonePe's tireless pursuit of this principle to serve consumers and businesses across India is a mission to live by.

Gopal Srinivasan, Chairman and CEO of TVS Capital Funds, said this initiative is like an opportunity in the population business in the new India, driven by an outstanding management team with a sharp focus, driven by execution.

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