PhonePe raises $100 mn in additional funding at $12 bn valuation

This follows $350 million in capital from General Atlantic as a part of an ongoing fundraise with a target of raising up to $1 billion in all

Walmart-owned fintech firm 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. Ribbit Capital and TVS Capital are new investors, say sources. The infusion comes at a time when startups are facing a funding winter and macroeconomic uncertainty.

PhonePe plans to use the funds to scale its payments and insurance businesses in India. It will also launch and aggressively scale new businesses like lending, stockbroking, ONDC-based shopping and account