PhonePe receives Rs 698 crore funding from its parent company
Flipkart’s digital payments app PhonePe has received a fresh capital infusion of Rs 698 crore ($101.4 million) from PhonePe Pvt Ltd (Singapore), its parent entity in Singapore.
PhonePe issued 2,022,946 equity shares of face value of Rs 10 and premium of Rs 3,440 each to PhonePe Singapore, according to the regulatory documents filed by the company, which were sourced by business intelligence platform Paper.vc.
Flipkart has been investing heavily to scale up PhonePe in India and had invested Rs 743 crore earlier this year.
With the capital infusion, PhonePe has managed to strengthen its offline merchant network and has already crossed the five million mark in just six months.
The company is further looking to increase its base in the country and will be using the fresh capital to offer cashback to consumers when they pay using PhonePe at an offline store.
At present, PhonePe is present in more than 150 cities across India and claims to have over 100 million users. It competes with the likes of Amazon Pay, Paytm and Google Pay in India.
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