Flipkart infuses ₹451 crores in PhonePe

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

Indian e-commerce giant Flipkart has infused ₹451 crores ($65.8 million) in its digital payments platform PhonePe, as per RoC filings. This investment is a part of the $500 million commitment announced by Flipkart in October 2017.

This investment takes the total investment made by Flipkart in PhonePe to $184.1 million. Earlier PhonePe had received $79.6 million in March 2018 and $38.7 million in August 2017.

The investment comes soon after PhonePe had edged past Paytm to claim the top spot in UPI transactions with 40% market share in July 2018. This investment will help PhonePe to amp up its efforts to tackle Paytm, as it looks to expand in both the online and offline domain.

Last month PhonePe had acquired Zopper Retail, in order to strengthen its offline presence. Zopper Retail provides a hyperlocal PoS platform that will enable PhonePe to connect with millions of merchants using its platform.

Earlier in November 2017, PhonePe had launched its own PoS device targeted towards small merchants like kirana store, petrol pumps, restaurants chains, among others.

As PhonePe looks to strengthen its presence, its Softbank-backed rival Paytm is also strengthening its online financial services game, as it recently acquired smart-savings management startup Balance Technology to help its users to achieve their financial goals.

Paytm is also venturing into the overseas market as it partners with Softbank to help it launch its digital payments platform in Japan.

While Paytm is still a market leader in its domain, Flipkart is flush with cash after its $16 billion acquisition by Walmart, it is already boosting its efforts in PhonePe to help it expand.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Drashti Dhami and Sanaya Irani are ultimate buddies, Check out photos

Drashti Dhami and Sanaya Irani are one of the closet buddies in film industry. Both have worked and stayed...

Japan PM Shinzo Abe to meet Iran’s President Hassan Rouhani

Following the rising tensions in the Middle-East after an attack on the oil facilities in Saudi Arabia. Japanese Prime Minister Shinzo Abe is set...

Spain rejects US extradition request for Venezuela’s top spy Hugo Carvajal

Spain's top court has denied an extradition request by the United States and has ordered the release of Venezuela's former spy chief, Hugo Carvajal. Carvajal...

Borderlands 3 cloud-save hotfix coming soon

Borderlands 3 made its first appearance at E3 2019 during Microsoft’s press conference on June 9. After months of anticipation, Borderlands 3 finally released on PC, PS4 and Xbox One on September 13th. But it seems like...

Radhika Apte makes a Classy appearance at IIFA Rocks 2019

Radhika Apte is an Indian film actress, who is popularly known for her intellectual roles and passionate acting in the movies. She has worked...
- Advertisement -

More Articles Like This