Published
Dec 10, 2019
Download
Download the article
Print
Text size

Phonepe receives fresh capital infusion of Rs 586 crore from parent firm

Published
Dec 10, 2019

Flipkart-owned digital payments company Phonepe has received a fresh capital infusion of Rs 586 crore ($82.7 million) from its parent firm in its latest funding round.
 

Phonepe receives fresh capital infusion of Rs 586 crore from parent firm - Phonepe


The Singapore-based parent firm Phonepe Pvt Ltd (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares for the total amount of Rs 585,66,18,720, according to Phonepe’s filing with the Registrar of Companies.
 
The latest investment will give Phonepe the ammunition to expand its presence in the burgeoning payments segment in India. Phonepe has been on an expansion drive investing heavily to increase its footprint offline, especially in tier 2, 3 and 4 towns.

Earlier in July this year, Phonepe had received a fund infusion of about Rs 698 crore from its parent firm. Phonepe had reported losses of Rs 1,907 crore for the financial year 2018-19, while its revenue stood at Rs 246 crore.
 
Flipkart’s payment business Phonepe is valued at $7 billion and competes with digital payment giants like Paytm, Google Pay, and Mobikwik, among others.
 
At present, Phonepe is present in more than 150 cities across India and claims to have over 100 million users.

Copyright © 2024 FashionNetwork.com All rights reserved.