Digital payments firm PhonePe Pvt. Ltd has received ₹585.66 crore ($82.5 million) from its Singapore parent.
The board of PhonePe approved on 26 November the allotment of about 1.38 million shares to its parent, PhonePe Pvt. Ltd, Singapore, at ₹4,230 each, according to a regulatory filing accessed by business intelligence platform, Tofler.
This is the third infusion into PhonePe by its parent in this financial year.
The Flipkart-owned company had in October received ₹405 crore from the Singapore parent, earlier known as Flipkart Payments Pvt. Ltd. This followed a fund infusion of about ₹698 crore in July from the holding company.
PhonePe chose not to comment on Mint’s queries.
The latest fund infusion comes even as PhonePe is reportedly in talks to raise around $1 billion from marquee investors such as Tencent and Tiger Global, according to media reports.
In March, Flipkart’s board approved a plan to hive off PhonePe as a separate entity. Walmart has initiated plans to demerge PhonePe from Flipkart, according to media reports published in October.
PhonePe, valued at $7 billion by Morgan Stanley in September, aims to boost the figure to about $10 billion.
In the extremely competitive digital payments domain in India, the Bengaluru-based startup competes with companies such as Google Pay, Paytm, and BharatPe.
Source: Mint