The Indian digital payments platform PhonePe attracted investments for $100 million.
In January, the platform received additional funding equal to $350 million. Currently, the value of this company is estimated at $12 billion.
The February funding round was attended by funds Ribbit Capital, Tiger Global, and TVS Capital. The owners of the digital payments platform intend to continue their activities to attract investments. Work in this direction will be carried out on an ongoing basis shortly.
The platform will use the received funds to expand the scope of its activities in the Indian insurance and financial services markets.
The company also intends to start providing services in other areas, including lending, stock brokerage, ONDC-based purchases, and account aggregators. These plans will be implemented within the next few years unless the company faces serious difficulties that make it impossible to implement intentions.
Samir Nigam, CEO of PhonePe, said that an excellent team of leading global investors, which is now actively interacting with the company, believes in the mission of the platform aimed at large-scale financial and digital integration in India.
PhonePe was founded at the end of 2015. In the spring of 2016, the company was acquired by Flipkart. The founder of PhonePe, Samir Nigam, was appointed CEO of the firm. In the summer of 2016, the company, with the financial support of Yes Bank, launched a mobile payment application based on the UPI platform supported by the Indian government.
More than a million people downloaded the app within three months of its launch. PhonePe overtook BHIM (the mobile payment program of the National Payment Corporation of India) and became the leader of the UPI transaction market in August 2017. In 2018, the app became the fastest Indian digital payment solution.