India: Flipkart injects $28m in its payments arm PhonePe

India: Flipkart injects $28m in its payments arm PhonePe

FILE PHOTO: The logo of Flipkart is seen on the company's office in Bengaluru, India, May 9, 2018. REUTERS/Abhishek N. Chinnappa/File photo

PhonePe’s Singapore entity PhonePe Pte Ltd has received a fund infusion of $28 million from parent Flipkart last week, according to the regulatory filings accessed by Mint. This is the first round of funding which the company has raised this financial year.

Two people close to the company said, on condition of anonymity, that a larger round of fund-raising is expected in the coming months, which would be upwards of $100 million.

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