Within a year, PhonePe raises fifth funding round as digital payments space heats up

Walmart-owned PhonePe has received a fresh investment of $60 million from its Singapore-based parent company PhonePe Private Limited earlier known as Flipkart Payments Private Limited, showed regulatory filings. This is the fifth round, within a span of 12 months, raised by the company from its parent entity. PhonePe had raised around $103 million in March last year followed by around $97 million investment in July, approximately $57 million in October, and around $81.7 billion in December last year. PhonePe competes with SoftBank-backed Paytm, Google Pay, Amazon Pay etc, in the hyper-competitive digital payments market in India.

The regulatory filing sourced from business signals platform Paper.vc showed 10,07, 670 shares were allotted in the current round as per the resolution passed through circulation by board of directors of PhonePe Private Limited on February 12, 2020. “PhonePe has received the lion’s share of its funding since Walmart’s acquisition of Flipkart in 2018.