Comments
Flipkart’s digital payments app PhonePe has received ₹697.9 crore from PhonePe Pvt Ltd (Singapore), its parent entity in Singapore.
According to filings sourced by business intelligence platform paper.vc, PhonePe Singapore had infused the funds in the India entity, subscribing to 2,022,946 shares at ₹3,440 per share. In March this year, PhonePe had received ₹763 crore from its parent.
Earlier, Flipkart had authorised PhonePe to become a new entity and allowed it to raise up to $1 billion from outside investors at a valuation of $10 billion.
PhonePe was founded by three Flipkart employees who left the company to launch the digital payments app. In June, PhonePe recorded 290 million transactions.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.