PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion- Know-how Information, Gadgetclock
TechSamvadDec 16, 2020 15:01:35 IST
PhonePe Non-public Restricted has acquired Rs 150 crore fund infusion from Singapore father or mother PhonePe Non-public Restricted, in line with paperwork sourced from enterprise info platform Tofler. As a part of the transaction, near 198,755 shares had been allotted to PhonePe’s Singapore entity. In response to regulatory filings on Accounting and Company Regulatory Authority, Singapore, accessed by livemint, that is a part of a fund infusion into PhonePe Non-public Restricted by majority shareholder Flipkart Non-public Restricted, Singapore, which owns near 87 % within the cost entity.
The spherical is unbiased of the newest $700 million funding PhonePe raised, which was led by Walmart and minority traders akin to Tiger International Administration.
(Additionally Learn: PhonePe Raises $700 Million In A New Funding Spherical Led By Walmart, Turns into A Separate Entity)
Submit the $700 million infusion, PhonePe will probably be valued at $5.5 billion, with Walmart proudly owning virtually 10 % within the entity, together with different minority traders who will maintain the remaining 3 % stake.
The board of administrators will embody Flipkart co-founder Binny Bansal, PhonePe founders, Sameer Nigam and Rahul Chari, together with Rohit Bhagat. Bhagat at the moment serves as an unbiased director at Flipkart Non-public Restricted.
In November, the corporate was the second-most used platform on the Unified Funds Interface (UPI), with 868 million transactions price Rs 1.75 lakh crore, and a market share of almost 40 %, solely behind closest rival Google Pay, which processed 960 million transactions price Rs 1.61 lakh crore.
#PhonePe #raises #crore #majority #stakeholder #Flipkart #bringing #valuation #billion #Know-how #Information #Gadgetclock