Money & Banking

PhonePe gets ₹698-cr infusion from parent co

Our Bureau Bengaluru | Updated on July 29, 2019 Published on July 29, 2019

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.

Published on July 29, 2019
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