PhonePe has raised a total sum of Rs 240 crore from Singapore-based Flipkart payments, according to documents filed with the Corporate Affairs Ministry. Flipkart payment has allotted 17.60 lakh shares of face value of Rs 10 each, at a higher premium of about Rs 1,435 each, aggregating to Rs 254.43 crore on a rights basis.
Has Earlier Received Rs 83.68 crore in October, 2016
PhonePe has earlier received Rs 83.68 crore in October, 2016 through the allocation of 41.84 lakh shares at a premium of Rs 190 per share. PhonePe is competing with the likes of Amazon Pay, Paytm and Mobikwik.
The new round of funding will enable PhonePe to fortify its position in the market when digital transactions are turning into a well-known method of payments.
66% Growth in its Volume of Transactions
PhonePe had expressed that it drove 45 for each penny of all UPI exchanges in August this year, and had seen 66 % growth in the volume of exchanges over the earlier month.
This funding in PhonePe has come after Flipkart received USD 2.5 billion from Softbank early in the year. Flipkart had also raised USD 1.4 billion from Microsoft, Tencent and eBay Inc in April this year.