Home >Companies >Start-ups >Walmart-owned PhonePe receives fourth fund infusion worth $60 mln in FY20

BENGALURU : Digital payments firm PhonePe has received a 427.72 crore ($60 million) investment from its Singapore-based parent, a regulatory filing showed.

The board of PhonePe Pvt. Ltd has approved issuing about 1 million shares to its parent PhonePe Pvt. Ltd, Singapore, at 4,230 each, according to a regulatory filing accessed by private investment tracking platform, Paper.vc.

This is the fourth time this fiscal year that PhonePe is receiving an investment from its parent, making the total FY20 investment at around 2,116 crore ($295 million). Previously, it had received 585.66 crore ($82.5 million) in December 2019; 405 crore in October 2019; and 698 crore in July 2019.

PhonePe, which was valued at $7 billion by Morgan Stanley in September, is currently in talks to raise up to $1 billion from investors such as Tencent and Tiger Global.

PhonePe did not respond to Mint’s email seeking comments.

The Walmart-owned payments startup recently said it is in process of branding itself as a super app—mobile apps that aggregate services and products of other Internet brands. In September, PhonePe said its users have direct access to over 50 different apps and services such as Ola, redBus, Goibibo, Myntra, Delhi Metro app, Box8, Faasos, Grofers, and others within its mobile app.

PhonePe last month introduced ‘PhonePe ATM’ in partnership with its merchant base. Customers can send money to a merchant using its app, and receive cash for the same amount.

PhonePe claims to have more than 150 million users, who can send and receive money, recharge mobile, DTH accounts, data cards, make utility payments and buy gold online as well. The startup competes with other brands such as Google Pay, Paytm, and BharatPe, who are all now focusing on UPI to grow their businesses.

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