PhonePe gets $50 mn from China’s Tencent, plans to use funds out of India: Report

PhonePe is raising USD 700 million in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors led by Walmart. 

New Delhi: Digital payments company PhonePe has received fund infusion of USD 66.5 million (around Rs 492 crore) in its Singapore-based entity which includes investment from Chinese firm Tencent. According to a regulatory filing in Singapore, investment firm Tencent has infused USD 50 million in the company and Tiger Global USD 16.5 million. In this financing round, PhonePe is raising USD 700 million in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors led by Walmart. The announcement was made by Flipkart in December 2020. PhonePe is a subsidiary of Flipkart. PhonePe, which has full fledged operations in India only, plans to use the fund to support business transaction in Singapore which includes acquiring stake in companies registered there.