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PhonePe receives INR 4.27 billion from Singapore-based parent company

PhonePePhonePe, a Walmart-owned firm, has received INR 4.27 billion in funds from its Singapore-based parent company as shown by RoC (Registrar of Companies) filings, according to media reports, and it has allotted over a million shares each at INR 10 according to documents sourced by Paper.vc. The company reported a loss of INR 19.04 billion in 2018-19 and; the investments are said to help it compete with Amazon Pay, Google Pay and Paytm.

“We are going to focus on digital marketing in a significant way this year, considering the massive consumption of content online. We believe it will be a good way to target the next 100-200 million customers,” said Sameer Nigam, Founder & CEO, PhonePe, as reported by Business Standard.

PhonePe had raised $82.5 million (INR 5.8 billion) from its Singapore-based parent (formerly Flipkart Payments Private Limited) in December 2019, according to the company’s RoC filings.

Nigam stated, “From small villages to busy metros, Indians are striving to progress and prosper. We see our platform as a trusted partner to those billion aspirations, bridging the digital divide and empowering Indians to transact conveniently and securely and aspire to do more and move ahead in life, one transaction at a time.”

The PhonePe mobile payments app allows its 185 million registered users to transfer money instantly, by using a mobile phone number. The Bengaluru-based company had announced in February that it would spend around INR 8 billion during the calendar year towards various marketing activities. It recently launched the chat feature on its app where users can converse while requesting money or confirming the receipt of payments from PhonePe.

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