PhonePe has received Rs 150 crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 198,755 shares and the total amount paid was Rs 150 Crore.
On December 3, Flipkart had announced a “partial spin-off” of PhonePe. The e-commerce major had said PhonePe is raising USD 700 million (about Rs 5,172 crore) in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart.
Flipkart will own 87 per cent majority share in the hived-off entity with US-retail giant Walmart owning 10 per cent and existing investors, including Tiger Global Management, holding the remaining 3 per cent stake
Binny Bansal, Flipkart’s co-founder will join PhonePe’s board of directors along with the fintech company’s co-founders Sameer Nigam and Rahul Chari. Flipkart was acquired by Walmart, and PhonePe was also part of the transaction.
PhonePe claimed to have more than 250 million registered using its app to send and receive money, recharge mobile, DTH, data cards, pay at stores, and more. According to Walmart, Flipkart and PhonePe, which saw ‘all-time high’ monthly active users, helped its international businesses post $29.6 billion in net sales in Q3 ended October 31, according to a statement. “Flipkart and PhonePe had strong results for the quarter. The number of monthly active customers for these platforms is at an all-time high,” Walmart President, CEO, and Director C Douglas McMillon had said during an earnings call.