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December 16, 2020
PhonePe has raised ₹150 crore ($21 million) from its Singapore-based parent entity, two weeks after its majority shareholder Flipkart announced that it would partially hive-off the digital payments company into a separate entity. PhonePe plans to list its shares on Indian stock exchanges in the next few years.
PhonePe recently said it was raising $700 million from a clutch of investors, including Flipkart and others. The recent fund raise from Flipkart is independent of the proposed $700 million fund raise, which will value the company at $5.5 billion. Flipkart has an 87% shareholding in PhonePe post the partial hive-off. Post the fund raise, Flipkart will remain the majority shareholder in the payments firm, with Walmart owning 10% and other minority shareholders owning a 3% stake.
India: PhonePe raises $20m from Flipkart
FILE PHOTO: The logo of Flipkart is seen on the company s office in Bengaluru, India, May 9, 2018. REUTERS/Abhishek N. Chinnappa/File photo Premium
Bengaluru: PhonePe Pvt. Ltd has received ₹150 crore fund infusion from Singapore parent PhonePe Pte Ltd, according to documents sourced from business information platform Tofler.
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