Phonepe is the digital payment firm has received $82.5 million (Rs 585.66 crore) from its Singapore based parent Phonepe Private Ltd, as the competition within the space intensifies. As per MCA regulatory, the board of directors passed a resolution to allot 1,381,278 equity shares to PhonePe parent entity at Rs 4,230 each.
This is the third round of fund infusion in the company in the ongoing fiscal. In previous months, it had raised Rs 405 crore and Rs 698 crore respectively in July and October in FY20. PhonePe has received a total $238 million from the Singapore-based parent entity during FY20 till now.
This comes just a few weeks after its competitor Paytm closed around worth $1 billion. It also comes in the backdrop of PhonePe having been in talks to raise about $1 billion in external funding from the likes of Tencent.