Flipkart-owned online payments company PhonePe has received Rs 763 crore (approximately $111 million) through fund infusion from its parent entity in Singapore, company filings sourced from business intelligence platform Paper revealed.
The fresh capital, which follows a series of mega infusions in 2018, tops up PhonePe's war-chest as the Sameer Nigam-led company looks to support user growth in a market heated up by the entry of Google Pay and Amazon Pay.
According to the documents, PhonePe, Singapore has infused the funds in PhonePe, the India entity, by subscribing to 2,915,964 shares in the latter at Rs 2,450 a piece. PhonePe, Singapore, earlier called Flipkart Payments, is a fully-owned subsidiary of Flipkart, Singapore, which operates Flipkart operations in India.
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