Phonepe receives Rs 427 crore funding from parent firm
Feb 27, 2020
Flipkart-owned digital payments company PhonePe has received around Rs 427 crore ($59.7 million) from its parent firm in its latest funding round. Phonepe had earlier received a capital infusion of Rs 586 crore from its parent firm in December 2019.
Phonepe Pvt Ltd Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was Rs 427,25,20,800, according to regulatory filings by the company.
The company has been on an expansion drive and continues to increase its footprint offline, especially in tier 2, 3 and 4 towns. The latest fund infusion is expected to provide Phonepe with the capital to needed to compete with majors like Paytm, Google Pay, Amazon Pay, and others, in this space.
The company has also earmarked Rs 800 crore for marketing in this calendar year, which includes the signing of Alia Bhatt, as its new brand ambassador.
Phonepe had reported losses of Rs 1,907 crore for the financial year 2018-19, while its revenue stood at Rs 246 crore.
At present, Phonepe is present in more than 150 cities across India and claims to have over 150 million bank accounts linked on its platform.
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