PhonePe raises $82.5 million from Singapore holding firm

Bengaluru: Digital payments firm PhonePe Pvt. Ltd has received ₹585.66 crore ($82.5 million) from its Singapore parent.

The board of PhonePe approved on 26 November the allotment of about 1.38 million shares to its parent, PhonePe Pvt. Ltd, Singapore, at ₹4,230 each, according to a regulatory filing accessed by business intelligence platform, Tofler.

This is the third infusion into PhonePe by its parent in this financial year.

The Flipkart-owned company had in October received ₹405 crore from the Singapore parent, earlier known as Flipkart Payments Pvt. Ltd. This followed a fund infusion of about ₹698 crore in July from the holding company.