Parent company pumps in Rs 427 crore into PhonePe to take on rivals

The Bengaluru-based firm is investing about Rs 800 crore this calendar year

Walmart-owned digital payments firm PhonePe has received a fresh fund infusion of Rs 427 crore from its Singapore-based holding company. PhonePe has allotted 1,007,670 equity shares of Rs 10 each at securities premium of Rs 4,230 per share to the holding firm, according to the regulatory documents filed by PhonePe, which were sourced from business signals platform Paper.vc. 

The funding is expected to help the company to take on rivals such as Alibaba-backed Paytm, Google Pay and Amazon Pay.

“PhonePe has received the lion’s share of its funding since Walmart’s acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received over