PhonePe, a digital payments platform, which is owned by Flipkart, has reportedly raised around INR 585.66 crore from its parent firm, cited Mint.
As per the sources, PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was INR 585,66,18,720.
With the latest investment, PhonePe looks to put more effort to compete in the burgeoning payments segment in India.
PhonePe, which was acquired by Flipkart in 2016, was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. Since then Flipkart has invested about $500 million in PhonePe.
It is a financial technology company, headquartered in Bangalore, India. It provides an online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India.
Thus, there are several digital transaction platforms in India that compete with the likes of PhonePe include Paytm, Amazon Pay, Google Pay, Yono, Mobikwik, etc.