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PhonePe raises Rs 452 crore from Flipkart Payments

IANS  |  Bengaluru 

Leading online payment system provider raised 452 crore from Payments Ltd by allotting 21 lakh shares at a premium under a rights issue, said Chennai-based platform Paper.vc on Wednesday.

"raised 452 crore ($66 million) from Singapore-based Payments Ltd under the rights issue by allotting 21,40,602 equity shares of 10 face value at a premium of Rs 2,100 per share under the rights issue," Paper.vc told IANS from

board approved the fund-raising decision on July 9 and allotment was made on July 20 to ostensibly compete with well-funded rivals like

The 3-year-old (fin-tech) firm is a wholly-owned subsidiary of India's leading etailer

The latest round of funding is part of Flipkart's decision in last October to invest $500 million in PhonePe overtime.

The subsidiary has already raised $250 million with the inclusion of the latest funding.

Based on unified payments interface, PhonePe's app (application) enables its registered users to pay for utility bills, mobile and direct-to-home charges, sending and requesting money, credit card bills and

The app is linked to the for seamless secured transactions through multiple payment modes like Bhim, debit and credit cards.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 22:20 IST
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