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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