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PhonePe raises ₹150 cr from parent company

PhonePe raises ₹150 cr from parent company

PhonePe raises ₹150 cr from parent company

PhonePe raises ₹150 cr from parent company – From its Singapore-based parent, PhonePe Pvt. Ltd has received a ₹150 crore fund infusion consistent with documents sourced from business information platform Tofler.

As a part of the transaction, near 198,755 shares were allotted to PhonePe Pte Ltd.

According to regulatory filings on Accounting and company administrative body, Singapore, accessed by Mint, this can be a part of a fund infusion into PhonePe Pte Ltd by majority shareholder Flipkart Pvt. Ltd, Singapore, which owns near 87% within the payments firm.

The fund infusion is independent of the $700 million PhonePe is raising, which is able to be led by Walmart and minority investors like Tiger Global Management.

Post the fund-raise, PhonePe is going to be valued at $5.5 billion, with Walmart owning almost 10% within the entity, together with other minority investors who will hold the remaining 3%.

Last week, PhonePe said it’ll be partially hiving aloof from Flipkart Group, and can find an independent board of directors. Flipkart, which can still be a majority investor within the entity, owns fashion e-tailer Myntra also as logistics arm Ekart with PhonePe founders Sameer Nigam and Rahul Chari, together with Rohit Bhagat, PhonePe’s new board will include Flipkart co-founder Binny Bansal, and who is an independent director at Flipkart Pvt. Ltd.

The board, which can be finalized within the half-moon of next year, also will include two independent directors from Walmart together with senior advisors from the banking, financial services, and insurance sector, Mint reported last week as stock ownership plan (Esop) pool also will become independent of Flipkart with all employees having the correct to receive PhonePe Esops defining independents initial public offering (IPO). Mint first reported PhonePe’s plans to travel public by 2023, and turning profitable in 2022.

With nearly 250 million customers and 100 million monthly active users, PhonePe chief officer Sameer Nigam said recently that the extra funding is going to be utilized by the corporate to require its services into rural areas and among low-income groups.

With this, the corporate will invest in growing its financial services portfolio, which has insurance and mutual funds, because it also looks to create products for Kirana stores.

Around 100 million kiranas and SMEs, likewise as for the at-home and gig entrepreneur segments. Hyperlocal commerce is a giant focus for us next year (2021), as we continue pilots during this space,” said Nigam in an exceedingly recent interaction with Mint.

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