Deals Buzz: PhonePe gets ₹698 crore from Singapore parent

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PhonePe gets ₹698 crore 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.