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PhonePe Receives Fresh Funding of Rs 451.6 Crore

Flipkart-owned online payments app PhonePe has received fresh funds of Rs 451.6 crore from Singapore-based arm Flipkart Payments Pvt Ltd, according to documents sourced through Paper.vc, a data intelligence platform. This is the second large investment received by PhonePe this year. Earlier in March, the payments app had received capital infusion of Rs 518 crore. In October last year, Flipkart had announced its plan to invest $500 million in PhonePe, as part of its plan to compete against other payments apps including Paytm and Amazon Pay, among others.

In August last year, PhonePe had announced that it had captured 40% of all transactions on the Unified Payments Interface (UPI) network. This amounted to 94 million transaction in July last year. Prior to this, in June, the payments app had declared that it had crossed the 100 million users mark. At the time, it had said that its total customer base stood at 30 million, who made 60 million transactions till April. PhonePe works with Yes Bank to process UPI payments.

Moreover in an effort to expand its offline presence, PhonePe in July acquired a point of sale software-as-a-service (SaaS) platform, Zopper Retail, for an disclosed amount. “We are looking to leverage Zopper’s domain expertise to rapidly expand our offline merchant network across India,” PhonePe CEO Sameer Nigam said. As part of the buy-out, Zopper’s co-founder Neeraj Jain will join PhonePe’s team as head of product for offline merchant solutions. – Financial Express

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