PhonePe gets infusion of Rs 585.6 crore from parent firm Flipkart

PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was Rs 585,66,18,720, as per documents sourced by business intelligence platform Tofler. The company declined to comment on the fund infusion. In July this year, PhonePe had received a fund infusion of about Rs 698 crore from its parent firm. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space. Paytm had recently announced a $1 billion (about Rs 7,173 cr) fund raise led by the US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.