Phonepe raises Rs 150 crore from Singapore-based parent company
Phonepe, the digital payments unit of Walmart's Indian e-commerce arm Flipkart, has received an Rs 150 crore ($20.4 million) fund infusion from its Singapore-based parent company Phonepe Pvt Ltd, Singapore.
In February, Phonepe had also received Rs 427 crore fund infusion from the parent company. It plans to raise $700 million from existing investors over the next few months to fuel its growth in the Indian market.
Phonepe's fundraising, from Flipkart investors led by Walmart, is expected to give it a valuation of $5.5 billion.
“The new equity shares allotted to PhonePe Private Limited, Singapore, shall rank pari-passu with the existing equity shares of the company as to dividend, voting, or otherwise and be subject to such other statutory provisions as may be applicable,” the company said in a regulatory filing.
The fintech firm has more than 100 million monthly active users, which helped it clock nearly one billion digital payment transactions in October.
Phonepe competes with Paytm, Amazon Pay, and Google Pay in the country’s burgeoning digital payments market.
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