PhonePe has received $28 million (Rs 214 crore) in fresh capital from its Singapore parent, according to the company’s RoC filings. In February, the Walmart-controlled digital payments firm had received about $60 million (nearly Rs 430 crore) from the entity. Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe was acquired by Flipkart in 2016. It is the first payments app to be built on United Payments Interface (UPI). PhonePe, which competes with others like Amazon Pay, Google Pay and Paytm, claims to have more than 8 million merchants across 215 cities.
PhonePe had received Rs 585.66 crore in fresh capital from its Singapore parent in December 2019. In July 2019, the Singapore-based entity injected Rs 697.91 crore into the Flipkart-owned digital payments firm, which was preceded by an infusion of Rs 743.6 crore earlier in the year.
PhonePe’s losses widened by 140% year-on-year to Rs 1,904.72 crore in the year to March 2019. Total expenses of the firm shot up to Rs 2,153.22 crore in FY19 compared to expenses of Rs 840.06 crore posted in FY18.