PhonePe bags investment from Flipkart just days after its partial spinout

Digital payments app PhonePe has reportedly collected a $20m investment from e-commerce giant Flipkart.

This capital injection is separate from the $700m raised by PhonePe earlier in the month, according to a report from Deal Street Asia.

The capital injection comes just days after Flipkart announced it was making a partial spinout from PhonePe. The e-commerce company had reduced its ownership in the FinTech from 100% down to 87%.

Earlier in the month, PhonePe bagged $700m from an investor group led by Walmart, which walked away with a 10% stake in the FinTech, the article said. Following the close of the round, PhonePe was valued at $

PhonePe offers a mobile payments app that lets users transfer money instantly to anyone through their mobile number. A consumer simply connects their bank account to PhonePe and then they can access mobile payments through online transfers, POS terminals or through QR code scanning.

The FinTech has been very busy in the fundraising market this year. In April, the company secured $28m in a funding round.

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