Phonepe raised Rs 150 crore in funding.
Financial services PhonePe obtained approximately Rs 150 crore in funding from PhonePe Pvt Ltd, Singapore, as per regulatory filings.
According to documents given by Tofler’s business intelligence platform, PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd), 198,755 shares were allocated and the total sum paid was Rs 150,00,03,985.
On December 2, the resolution was passed, it added. PhonePe has refused to comment on the infusion of funds. Flipkart revealed a “partial spin-off” of PhonePe on December 3.
The e-commerce major said PhonePe was raising USD 700 million (approximately Rs 5,172 crore) in primary capital from current Flipkart investors, led by Walmart, at a post-money valuation of USD 5.5 billion.
Flipkart will hold a majority stake of 87 percent in the hived-off company, with 10 percent owned by US retail giant Walmart and the remaining 3 percent stake held by established investors, including Tiger Global Management.
Flipkart co-founder Binny Bansal will join the board of directors of PhonePe along with co-founders of the fintech firm, Sameer Nigam and Rahul Chari said.
The company was founded in the year 2015 in the month of September. The Founders are Burzin Engineer, Rahul Chari, and Sameer Nigam. They deal in FinTech, Internet, Mobile Payments and, Payments. Its Headquarters Regions Asia-Pacific (APAC).
With over 100 million monthly active users (MAU) producing nearly 1 billion digital payment transactions in October 2020, PhonePe has passed the 250-million registered users mark.
The good performance of its Indian units was noted by Walmart Chief, CEO, and Director C Douglas McMillon during the earnings call last month.