PhonePe gets $28 million funding from parent Flipkart

Bengaluru: PhonePe’s Singapore entity PhonePe Pte Ltd has received a fund infusion of $28 million from parent Flipkart last week, according to the regulatory filings accessed by Mint. This is the first round of funding which the company has raised this financial year.

Two people close to the company said, on condition of anonymity, that a larger round of fund-raising is expected in the coming months, which would be upwards of $100 million.

This fresh funding of $28 million comes just two months after the Bengaluru-based payments platform had received ₹427 crore from its Singapore entity, PhonePe Private Limited.