PhonePe has raised Rs 150 crore from Flipkart, a majority shareholder in the company, according to ET report.
The equity allotment comes just days after PhonePe raised primary capital worth $700 million in a round led by Flipkart owner, US-based retailing behemoth Walmart, valuing the company at $5.5 billion.
The Bengaluru-based startup’s Singapore holding company PhonePe Pvt Ltd allotted 198,000 shares worth Rs 7,537 each to Flipkart Internet Holding, also listed in Singapore, according to regulatory filings.
With over 250 million registered users, PhonePe is one of the most used digital payment apps in India amid an increasingly competitive landscape.
PhonePe also has a digital wallet business and is looking to crack the insurance and retail investment intermediary segment.
Founded by Sameer Nigam, Rahul Chari, Burzin Engineer in 2015, PhonePe was the first payment app in India to be built on the Unified Payments Interface or UPI. In 2016, PhonePe was acquired by Flipkart. Recently, PhonePe raised $700 million in partial spin-off from Flipkart.
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Bengaluru-based fintech startup PhonePe recently announced that it has raised fresh capital from its Singapore-based parent entity PhonePe Private Limited, Singapore. According to a company filing, PhonePe has received $60 million (Rs 427.25 crore) in fresh capital from its Singapore parent, PhonePe Pvt Ltd. PhonePe allotted 1mn equity shares at…
Flipkart, India’s leading e-commerce marketplace, announced that it has pumped an additional $28 million into PhonePe, taking the total infusion till date to $928 million, according to regulatory filings made by the Company's Singapore-based parent. PhonePe Singapore is a fully-owned Flipkart Internet entity. “Walmart will continue to bankroll PhonePe,” said…
Flipkart, e-commerce marketplace, has announced a partial spin-off of PhonePe, digital payments platform. The development is made so that PhonePe can access dedicated capital to fund its long-term ambitions over the next three to four years. The partial spin-off also provides payments platform an opportunity to constitute a new Board…
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