Paytm's Competition PhonePe Gets 698 Crore Boost From Singapore Parent
Flipkart's digital payments app PhonePe Pvt Ltd (India) has received ₹698 crore from its parent entity in Singapore called PhonePe Pvt Ltd (Singapore), previously known as Flipkart Payments Pvt Ltd, Mint reported citing filings sourced by business research platform, Paper.vc. PhonePe Singapore infused the funds in the India entity by subscribing to 2,022,946 shares in the latter at ₹3,440 per piece. This, however, is not the first fund infusion in PhonePe as it had received ₹763 crore from its parent in March. The capital infusion comes at a time when Flipkart had, nearly two years ago, announced a $500 million funding commitment to the digital payments app to boost its operations. PhonePe was valued at $1.5 billion valuation at the time Walmart bought 77% of the Flipkart group at a total valuation of around $21 billion.
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The battle in the digital payments space has intensified, with Paytm, PhonePe and Google Pay, fighting for market share.
PhonePe, which leverages the Yes Bank platform to offer UPI-based payments, is expected to be the second-most used UPI app in the country, after Google Pay, as of numbers for June. As per sources in the know of the matter, PhonePe clocked around 230 million UPI transactions on its platform. The company has been investing heavily in building its offline merchant base as well, after it acquired close to 55 lakh merchants for QR code based payments across the country.
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