PhonePe, a digital payments network owned by Flipkart, has received a fresh capital infusion from its Singapore-based parent company, despite reporting a larger consolidated loss for the fiscal year 2021–2022.
The board of the Walmart-backed business decided on November 15 to grant PhonePe Pvt. a total of 371,753 equity shares, according to a regulatory filing. Ltd., Singapore to raise Rs 742,31,63,904 on a rights basis. The price per share for the shares was Rs 19,968.
This is the company’s second significant capital round from its parent this year. The fintech business approved two separate resolutions in March to grant PhonePe Pvt. a total of 2.5 million equity shares. Ltd. to fund $297 million in Singapore (Rs 2,275 crore).
The equity shares were then valued at Rs 8,901 per share, including a Rs 8,891 securities premium.
PhonePe reported standalone revenue from operations of Rs 1,640 crore for FY22, an increase from Rs 690 crore in the prior fiscal year, in a separate filing.
Employee costs grew to Rs 1,683.37 crore from Rs 7,25.33 crore, slightly widening the net loss to Rs 1,775.78 crore from Rs 1,730.57 crore previous year. On a stand-alone basis, marketing costs increased from Rs 535 crore to Rs 670 crore.
