PhonePe, Flipkart’s payments platform, has received a capital infusion of about Rs 255 crore, as per filings with the Registrar of Companies(Roc). The Development comes after Flipkart’s closure of blockbuster funding of $4 billion led by Softbank.
PhonePe has received the funding from Singapore-based Flipkart Payments Pvt Ltd .Prior to this, the company has seen capital infusion of about Rs 186 crore, as per the RoC documents. The company confirmed the development.
“The capital infusion will be used to grow our business, build our team and scale our marketing efforts. we are growing exponentially right now at nearly 100% every two months. 45% of all UPI transactions in August were driven by us, resulting in a phenomenal 66% growth in volume of transactions over July, ” – said Sameer Nigam, CEO, PhonePe.
PhonePe currently has 25,000 offline merchants and over 100 billers live on the app. PhonePe has also integrated around 30 of the top 100 online merchants on the PhonePe app and are scaling up to add more merchants both in the online and offline space, the company said.