Walmart tops up PhonePe wallet with Rs 743 cr to counter Amazon and Google

Flipkart-owned online wallet PhonePe has received Rs 763 crore (approximately $111 million), through fund infusion from its parent entity in Singapore, company filings sourced from business intelligence platform Paper.vc showed. The fresh capital, which follows a series of mega infusions in 2018, tops up PhonePe’s war chest as the Sameer Nigam-led company looks to support user growth in a market heated up by the entry of Google Pay and Amazon Pay.
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According to the documents, PhonePe Singapore has infused the funds in the India entity by subscribing to 2,915,964 shares in the latter at Rs 2,450 apiece. PhonePe, Singapore, earlier called Flipkart Payments, is a fully-owned subsidiary of Flipkart, Singapore, which operates Flipkart’s e-commerce operations in India.