PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion- Technology News, Firstpost

PhonePe Private Limited has obtained Rs 150 crore fund infusion from Singapore mum or dad PhonePe Private Limited, in accordance to paperwork sourced from enterprise info platform Tofler. As a part of the transaction, shut to 198,755 shares had been allotted to PhonePe’s Singapore entity. According to regulatory filings on Accounting and Corporate Regulatory Authority, Singapore, accessed by livemint, that is a part of a fund infusion into PhonePe Private Limited by majority shareholder Flipkart Private Limited, Singapore, which owns shut to 87 % within the cost entity.

The spherical is unbiased of the most recent $700 million funding PhonePe raised, which was led by Walmart and minority buyers akin to Tiger Global Management.

(Also Read: PhonePe Raises $700 Million In A New Funding Round Led By Walmart, Becomes A Separate Entity)

Post the $700 million infusion, PhonePe might be valued at $5.5 billion, with Walmart proudly owning nearly 10 % within the entity, together with different minority buyers who will maintain the remaining three % stake.

The board of administrators will embrace Flipkart co-founder Binny Bansal, PhonePe founders, Sameer Nigam and Rahul Chari, together with Rohit Bhagat. Bhagat at the moment serves as an unbiased director at Flipkart Private Limited.

In November, the corporate was the second-most used platform on the Unified Payments Interface (UPI), with 868 million transactions price Rs 1.75 lakh crore, and a market share of practically 40 %, solely behind closest rival Google Pay, which processed 960 million transactions price Rs 1.61 lakh crore.

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