PhonePe receives $60 mn infusion from parent entity

PhonePe receives $60 million infusion from parent entity

The company that competes with Paytm, Google Pay and others in the ultra-competitive payments space in India plans to build a 200 million customer base in the country

PhonePe logo (DH Photo)

Payments app PhonePe owned by Flipkart has received a fresh infusion of $60 million (Rs 430 crore) from its Singapore based holding company, PhonePe Private limited, Singapore, according to regulatory filing sourced by business intelligence, Paper.vc.

The filings showed 10,07, 670 shares were allotted in the current round as per the resolution passed through circulation by the board of directors of PhonePe Private Limited on February 12, 2020.

“PhonePe has received the lion’s share of its funding since Walmart’s acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received around $700 million in funding as the ever-expanding digital payments space heats up in India,” Nikhil Kanekal, Analyst, Paper.vc said.

The company that competes with Paytm, Google Pay and others in the ultra-competitive payments space in India plans to build a 200 million customer base in the country. 

PhonePe has reported a surge in losses in FY 19' to Rs 1,907 crore compared to a loss of Rs 791 crore in FY'18, according to (RoC) filings. 

Recently, it had launched a Unified Payments Interface-based (UPI) PhonePe ATM service. 

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