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PhonePe Receives Capital Infusion of ₹698 cr from Parent Company
July 31, 2019
As per the recent regulatory filings, Flipkart-owned payments platform PhonePe has received ₹698 crores worth of funds from its parent company. 2,022,946 equity shares of ₹10 each at a securities premium of ₹3,440 per share were allotted by the board of directors earlier this month which made the total infusion amount ₹6,97,91,63,700.
Earlier in March this year, PhonePe raised more than ₹700 crores worth of funds from Flipkart which was a part of its 500 million USD commitment.
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