The ongoing round was joined by Ribbit Capital, Tiger Global and TVS Capital Funds. PhonePe says it expects further investment to follow. The money will be used to scale up PhonePe’s payments and insurance businesses in India, as well as to launch and aggressively scale in new sectors like lending, stockbroking, ONDC-based shopping and account aggregators over the next few years. Sameer Nigam, CEO, PhonePe, says: "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."

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.