Ribbit Capital, Tiger Global and TVS Capital provided the new $100 million infusion. The ongoing round values the Bengaluru-headquartered PhonePe at a pre-money valuation of $12 billion. PhonePe, the majority of which is owned by Walmart, has said that it plans to raise up to $1 billion as part of the ongoing funding deliberations. “We are excited to continue our partnership with PhonePe as they lead the digital payments sector in India, a market we believe is still in the early stages with significant growth potential ahead,” said said Scott Shleifer, a Partner at Tiger Global, in a statement. At a $12 billion valuation, PhonePe is India’s most valuable fintech startup. The startup competes with Google Pay and Paytm. Paytm, which expects to reach $1 billion revenue by March this year, is currently valued at $4.1 billion. PhonePe, to be sure, is the clear leader in the mobile payments market on UPI, a network built by a coalition of retail banks in India. UPI has become the most popular way Indians transact online, and processes more than 8 billion transactions a month. Seven-year-old PhonePe commands about 50% of all these transactions. More to follow. Tiger Global and Ribbit invest another $100 million in PhonePe by Manish Singh originally published on TechCrunch
