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PhonePe gets investment from majority stakeholder Flipkart

December 15, 2020

PhonePe gets investment from majority stakeholder Flipkart

PhonePe has raised ₹150 crore (about $21 million) from greater part investor Flipkart, days after it was hived off as a fair-minded substance from the local web-based business market, which had procured the computerized installments firm in 2016.

The reasonableness distribution comes essentially days after PhonePe raised significant capital

worth $700 million raised by Flipkart owner, US-based retailing behemoth Walmart, esteeming the corporate at $5.5 billion.

The Bengaluru-based startup’s Singapore holding firm PhonePe Pvt Ltd assigned 198,000 offers value ₹7,537 each to Flipkart Internet Holding, moreover recorded in Singapore, in light of administrative filings got to by ET via endeavor insight stage Tofler. A PhonePe representative declined to comment.

As per a stockpile, the capital implantation “is normal” and can be utilized for internal endeavor necessities.

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