PhonePe, the payments platform of Flipkart, has received a fresh funding of ₹518 crore from its parent company, Flipkart Singapore.
As per the documents in RoC sourced from business research platform Paper.vc., Singapore-based Flipkart Payments Pvt Ltd was allocated shares of PhonePe for Rs 2,110 per share, The latest capital infusion in PhonePe took place on March 19.
The development comes at a time when global names like WhatsApp and Google’s Tez entered the UPI platform in India. Their entry into the segment has been widely criticised by Indian players who felt the rules were flouted for them.
The fresh capital infusion will reinforce PhonePe in its fight against global giants. The company is likely to adopt new strategies to reach top spot in the segment.
PhonePe had recently introduced acalculator like point of sale (POS) machine for offline merchants. It claims to have a merchant base of 60,000 across online and offline spaces.