Flipkart-owned PhonePe receives ₹585-cr infusion from parent firm

Flipkart-owned digital payments company PhonePe has received a fund infusion of about ₹585.66 crore from its parent firm in another round, according to regulatory filings.

PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was ₹585,66,18,720, according to documents sourced by business intelligence platform Tofler

The company declined to comment on the fund infusion.

In July this year, PhonePe had received a fund infusion of about ₹698 crore from its parent firm.

The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space.