To bolster its presence in the burgeoning digital payments space, Flipkart has reportedly infused another $79.6 Mn (INR 519 Cr) in fresh funding into Phonepe.
As per sources, the latest capital infusion is part of the earlier $500 Mn investment made by the ecommerce parent in October 2017.
The current investment has been made through Flipkart Payments, a Singapore-based subsidiary of the homegrown ecommerce giant, against the allocation of 2.45 Mn equity shares in PhonePe.
As shared by Sameer Nigam, the CEO of PhonePe, the fundraise that took place in October was geared towards helping the company scale up its technology platform and expand their merchant network and consumer base rapidly.
In response to Inc42’s queries on the latest funding, PhonePe declined to comment.
Earlier, in August last year, Flipkart pumped $38.7 Mn into its digital payments arm PhonePe. As per filings with the Ministry of Corporate Affairs, the investment was made on August 31, 2017, and entailed the allocation of nearly 1.76 Mn equity shares at a subscription price of $22.2 (INR 1,445.29) apiece.