Paytm’s rival PhonePe gets Rs 698 crore boost

Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 698 crore from its parent firm, as per regulatory filings. “…the consent of the board of directors of the company be and is hereby accorded to allot 2,022,946 equity shares of Rs 10 only each at a securities premium of Rs 3,440 per share aggregating to Rs 6,97,91,63,700 only new equity shares to PhonePe Pvt Ltd, Singapore (formerly FlipkartPayments Pvt Ltd),” a regulatory filing to the Corporate Affairs Ministry showed.

The resolution to allot the said shares to PhonePe Pvt Ltd was passed at a board meeting on July 5, the document sourced by business research platform Paper.vc showed.

The company did not respond to an email query.