Sunday, December 22

Tag: PhonePe funding

PhonePe Raises $700 million at $5.5 billion valuation
3Dec By PriyankaNo Comments
FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, wi...
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PhonePe Receives $60 Million Funding From its Parent Firm
26Feb By AnkitaNo Comments
FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google ...
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