Fintech key PhonePe has received about Rs 150 crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings.
PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 198,755 shares and the total quantity paid was Rs 150,00,03,985, according to documents sourced by business enterprise intelligence platform Tofler, showed.
The resolution was passed on December 2, it added.
PhonePe declined to comment on the fund infusion.
On December 3, Flipkart had announced a “partial spin-off” of PhonePe. The e-commerce key had mentioned PhonePe is raising USD 700 million (about Rs 5,172 crore) in key capital at a post-cash valuation of USD 5.5 billion from current Flipkart investors, led by Walmart. Flipkart will personal 87 per cent majority share in the hived-off entity with US-retail giant Walmart owning 10 per cent and current investors, such as Tiger Global Management, holding the remaining 3 per cent stake.
Flipkart co-founder Binny Bansal will join PhonePe’s board of directors along with the fintech company’s co-founders Sameer Nigam and Rahul Chari, it had mentioned.
PhonePe – which competes with players like Paytm, Google Pay, Amazon Pay and other people – was founded by ex-Flipkart executives Nigam, Chari and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018, Flipkart was acquired by Walmart, and PhonePe was also component of the transaction.
PhonePe has crossed the 250-million registered customers milestone, with more than one hundred million month-to-month active customers (MAU) producing practically 1 billion digital payment transactions in October 2020.
During the earnings get in touch with final month, Walmart President, CEO and Director C Douglas McMillon had noted the robust functionality of its India units.
“In India, Flipkart and PhonePe had strong results for the quarter. The number of monthly active customers for these platforms is at an all-time high,” he had mentioned.
In February, PhonePe had filed documents with the Corporate Affairs Ministry associated to raising about Rs 427.25 crore, even though in December final year, it received Rs 585.66 crore from PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd).