India Digest: PhonePe receives over $90m from parent; MyGate raises $12m in fresh funding

India Digest: PhonePe receives over $90m from parent; MyGate raises $12m in fresh funding

PhonePe founder & CEO Sameer Nigam

Flipkart-owned digital payments platform PhonePe has received a fresh capital infusion of about $90 million (Rs 742 crore) from its Singapore-based parent, while apartment management solution provider MyGate has raised about $12 million in a new round co-led by Urban Company and Acko.

SG parent invests in PhonePe

PhonePe has received a fresh capital infusion of about $90 million (Rs 742 crore) from its Singapore-based parent, YourStory reported, citing a regulatory filing.

In a regulatory filing, the Walmart-backed company’s board passed a resolution on November 15 to allot a total of 371,753 equity shares to PhonePe Pvt Ltd, Singapore, on a rights basis to raise Rs 742,31,63,904. The shares were priced at Rs 19,968 apiece.

Last month, PhonePe moved its domicile to Singapore from India.

This comes months after the fintech company passed two separate resolutions to allot a total of 2.5 million equity shares to PhonePe Pvt. Ltd, Singapore, to raise $297 million (Rs 2,275 crore).

Urban Company, Acko lead MyGate round

MyGate has raised Rs 100 crore in a new round co-led by Urban Company and Acko, in its first funding round in three years, Entrackr reported on Wednesday.

The company last raised a $56-million Series B round from Tencent, Tiger Global, and others in October 2019. As per Entrackr’s estimates, it was valued at around $170 million then.

This comes days after MyGate signed a strategic partnership with Urban Company and Acko to offer their respective services on MyGate app.

Post-allotment, Seabright holds a 22.7% stake followed by MIL with 20.18% shares. The promoters – Arisetty Vijay Kumar, Shreyans Daga, and Abhishek Kumar — collectively own 24.56% of the company, the report added. Moreover, Urban Company and Acko now command 2.95% shares in the company.

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