Financial technology major PhonePe has received about Rs 150 crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings. 198,755 shares has been allocated to the PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) for the total amount Rs 150,00,03,985, according to documents sourced by business intelligence platform showed. The resolution was passed on December 2 the document. However, PhonePe ziplocked to comment on the fund infusion.
On December 3, Flipkart had announced a 'partial spin-off' of PhonePe. The e-commerce major had said PhonePe is raising USD 700 million (about Rs 5,172 crore) in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart. Flipkart will own 87 per cent majority share in the hived-off entity with US-retail giant Walmart owning 10 per cent and existing investors, including 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, the intelligence platform had said.
In 2018, Flipkart was acquired by Walmart, and PhonePe was also part of the transaction. PhonePe has crossed the 250-million registered users milestone, with over 100 million monthly active users (MAU) generating nearly 1 billion digital payment transactions in October 2020. "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," said Walmart President, CEO and Director C Douglas McMillon.
India's Number no 1 UPI application, Google Pay
