Indian digital payments firm PhonePe has secured a further $100m in funding at a pre-money valuation of $12bn.

A number of firms, including Ribbit Capital, Tiger Global and TVS Capital Funds, have taken part in the fundraise.

The latest investment follows PhonePe’s $350m raise last month.

It advances the firm’s goal to raise up to $1bn after shifting its base to India from Singapore.

The fresh infusion marks the second tranche of this $1bn target, taking the capital raised by the firm to $450m in six weeks.

The fintech platform aims to receive additional investments from key global and Indian high net worth investors in the future.

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It intends to use these proceeds to further grow its payments and insurance businesses in India in addition to introducing new businesses, such as lending, stockbroking and account aggregators and others.

PhonePe CEO and founder Sameer Nigam said: “I would like to thank Ribbit Capital, Tiger Global and TVS Capital Funds for reposing their faith in us.

“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.”

Established in December 2015, PhonePe is currently said to have over 440 million registered users.

Ribbit Capital founder Micky Malka said: “PhonePe lives by the same values as we do at Ribbit.

“We both believe that better money makes life better.

“PhonePe’s relentless pursuit of this principle in serving consumers and businesses all across India is a mission to live for.”