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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 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," 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.



(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