In October 2017, Bengaluru-based digital wallet PhonePe received announced a $500 million funding commitment from Flipkart to scale up its operations.
This funding announcement, incidentally, ranked among the payment wing among the largest single investment commitments in the Indian fintech payments space.
The firm has received more than $75 million since its acquisition in 2015.
PhonePe Singapore, previously known as Flipkart Payments, has infused the funds in the India entity by subscribing to 2,915,964 shares in the latter at Rs 2,450 apiece. This is the company’s first fund infusion in 2019.
This fresh investment in PhonePe will help Wakmart is achieving its larger goal of having a strong grip in India’s mobile payments industry.
PhonePe is led by Sameer Nigam was looking for strong investments in a bid to compete with rivals like Paytm, Google Pay and Amazon Pay, WhatsApp Payments, Reliance Jio and Xiaomi’s Mi Pay.