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PhonePe receives funding from parent entity

Oct 23, 2019 by The Passage Team
PhonePe receives funding from parent entity

Flipkart-owned PhonePe has received Rs 405 crore from its Singapore-based holding entity. This is the third fund infusion for the company in 2019 from parent entity PhonePe Pvt Ltd, formerly known as Flipkart Payments. It had raised Rs 743 crore in March and Rs 698 crore in July.

According to RoC filings by PhonePe with Ministry of Corporate Affairs, the company’s board passed a resolution on September 27 to issue and allot 1,174,041 equity shares to PhonePe Pvt Ltd Singapore on the right basis. It has priced each share at Rs 3,450.

PhonePe’s Indian entity received the money as per a post-money market cap valuation of Rs 11,169 crore or $1.57 billion. The fresh capital is likely to be deployed towards fueling growth, marketing and promotion. It’s worth noting that Flipkart’s board gave a go-ahead nod to hive-off PhonePe from Flipkart so that it can raise funds independently.

Source: Entrackr

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