Fintech firms PhonePe and PineLabs get fresh funding from parent companies

PhonePe has received Rs 697.9 crore from its parent entity PhonePe Pvt Ltd while Pine Labs has raised about Rs 707 crore through a rights issue to its parent entity, Pine Labs Pte. Ltd

Fintech companies PhonePe and PineLabs have received fresh funding from their parent companies. Digital payments firm PhonePe has received Rs 697.9 crore from its parent entity in Singapore called PhonePe Pvt Ltd (Singapore), previously known as Flipkart Payments Pvt Ltd.

The funding would help the company to tap India’s booming digital payments market and compete with Alibaba-backed Paytm, Google’s mobile payment service Google Pay and Amazon Pay.

PhonePe issued 2,022,946 equity shares of face value of Rs 10 and premium of Rs 3,440 each to PhonePe Singapore, according to the regulatory documents filed by the company, which were sourced by