Flipkart’s PhonePe receives Rs 585 crore infusion from parent firm

Flipkart-owned digital payments company PhonePe received fresh funding of about Rs 585.66 crore from its parent firm, according to regulatory filings.

PhonePe Pvt Ltd, Singapore was allotted 13,81,278 shares and the total amount paid was Rs 585,66,18,720, according to documents sourced by business intelligence platform Tofler.

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In July this year, PhonePe had received a fund infusion of about Rs 698 crore from its parent firm.

The latest fund infusion is expected to provide PhonePe more power to compete in the payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space.

Digital payments has been expanding in India ever since the government’s demonetisation drive in 2016.

PhonePe has seen losses to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore for the year ended March 2018. However, its revenue rose to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago.

Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June.

(With Agency Inputs)

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