Digital payments major PhonePe has received Rs 743.5 crore as part of a fresh fund infusion from its Singapore registered parent entity PhonePe Pvt Ltd. Formerly known as Flipkart Payments, according to the report. Its parent entity Flipkart which is now owned by Walmart had committed around $500 million to PhonePe in 2017.
This could be one of the last tranches of that committed sum. PhonePe has been receiving parts of the amount through multiple internal rounds over the last year. The fresh funding will help PhonePe bulk up its cash position as it enters into a promotional blitzkrieg during the Indian Premier League. The company recently announced Bollywood actor, Aamir Khan as its brand ambassador to promote PhonePe as a payment application and said that it has earmarked Rs 500 crore for promotional spends this year.