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PhonePe Receives $297 Mn Fresh Infusion From Singapore Parent

PhonePe Receives $297 Mn Fresh Infusion From Singapore Parent

PhonePe has allotted a total of 2.5 Mn equity shares to its Singapore parent entity to raise the capital

Raised capital can be utilised for the complete acquisition of Indus OS, and setting up its Mutual Fund businesses

Last month PhonePe had also acquired GigIndia to offer its products to corporate and enterprises

Flipkart-owned digital payments platform PhonePe has received close to $297 Mn from its Singapore-based parent entity. Phone Private Limited has passed two resolutions of March 23 and March 24 of this year to allot a total of 2.5 Mn of equity shares to PhonePe Private Limited Singapore to raise $297 Mn ( INR 2,275 Cr). 

The fresh capital requirement might be utilised for the complete acquisition of Indus OS, a homegrown app and content discovery platform, where PhonePe is already a majority shareholder. PhonePe, Indus Os, Affle Global have been in court battle for over a year now. The legal dispute was settled yesterday. Read more about it here

Apart from this, PhonePe in order to further strengthen its dominance in the burgeoning fintech space, has applied for a mutual fund license from SEBI. The fresh infusion can also be utilised for setting up its MF business. 

The digital payments giant last week acquired GigIndia,a,a Pune-based marketplace for gig workers to leverage its offerings to corporate and enterprise partners. 

As per the National Payments Corporation of India (NPCI), PhonePe has been leading in terms of UPI transactions on a monthly basis. In the month of January, PhonePe had recorded INR 4.05 Lakh Cr transactions. It has been leading in UPI transaction with 46% market share in the volume of transactions processed last year. 

PhonePe also claims to have hit a milestone of recording 100 Mn transactions in a day. 

It claims to have more than 365 Mn registered users. Its app offers users the ability to send and receive money, recharge mobile, DTH, pay at stores, make utility payments and also buy and invest in gold and silver. 

It had forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and has also launched silver on its platform. 

PhonePe claims to be accepted at more than 27 Mn merchant outlets across India. It counts Google Pay, Paytm, IPO-bound MobiKwik, and now Meta-backed WhatsApp.