PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion- Technology News, Firstpost
TechSamvadDec 16, 2020 15:01:35 IST
PhonePe Private Limited has received Rs 150 crore fund infusion from Singapore parent PhonePe Private Limited, according to documents sourced from business information platform Tofler. As part of the transaction, close to 198,755 shares were allotted to PhonePe’s Singapore entity. According to regulatory filings on Accounting and Corporate Regulatory Authority, Singapore, accessed by livemint, this is part of a fund infusion into PhonePe Private Limited by majority shareholder Flipkart Private Limited, Singapore, which owns close to 87 percent in the payment entity.
The round is independent of the latest $700 million funding PhonePe raised, which was led by Walmart and minority investors such as Tiger Global Management.
(Also Read: PhonePe Raises $700 Million In A New Funding Round Led By Walmart, Becomes A Separate Entity)
Post the $700 million infusion, PhonePe will be valued at $5.5 billion, with Walmart owning almost 10 percent in the entity, along with other minority investors who will hold the remaining 3 percent stake.
The board of directors will include Flipkart co-founder Binny Bansal, PhonePe founders, Sameer Nigam and Rahul Chari, along with Rohit Bhagat. Bhagat currently serves as an independent director at Flipkart Private Limited.
In November, the company was the second-most used platform on the Unified Payments Interface (UPI), with 868 million transactions worth Rs 1.75 lakh crore, and a market share of nearly 40 percent, only behind closest rival Google Pay, which processed 960 million transactions worth Rs 1.61 lakh crore.
