According to documents filed with the Corporate Affairs Ministry, Bangalore-based Fin-tech company, PhonePe has raised over ₹254 crores from Singapore-based Flipkart Payments. Flipkart Payments has been allotted 17.60 lakh shares to its face value of Rs. 10 each, at a higher premium of about ₹1,435 each and aggregating to ₹254.43 crore on the basis of expansion. The resolution of the same was passed at the board meeting of PhonePe on August 30, 2017.

Previously in October 2016, PhonePe had received ₹83.68 crores through an allocation of 41.84 lakh shares at a premium of ₹190 per share. Flipkart’s FX Mart Private Ltd, PhonePe is competing with the payment platforms like,  Amazon Pay, Paytm and MobiKwik.

The new round of funding might help the Fin-Tech company to strengthen its position in the market at a time when digital transactions are becoming a popular mode of payment and can compete with other financial platforms by expanding their services. Expansion and promotion of the platform need more funds.

This year in August, PhonePe had stated that it drove 45 percent of all UPI transactions at the rate of 7.47 million and had seen 66 percent growth in the volume of the transactions over the past months. Flipkart had acquired PhonePe after receiving $2.5 billion from investors like SoftBank in the beginning of this year. Apart from SoftBank, Flipkart had also raised $1.4 billion from Microsoft, Tencent and eBay Inc in April this year.

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Posted by TECHITIMES

Our team covers news and updates related to Technology, Gaming and Hacking.

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