As per the reports, Flipkart backed PhonePe gets a ₹743 crore funding from world’s largest retailer- Walmart. The fresh funds will be used for promotions and advertisement campaign during IPL (Indian Premiere league).The development is not confirmed by any of the entity yet.
Earlier, Walmart promised it will fund PhonePe so keeping its promise to infuse around $500 million over the course of time, Walmart has pumped in ₹743 crore in its digital payments subsidiary.
PhonePe recently became the broadcasting sponsor of IPL and also signed Bollywood superstar Amir khan as its brand ambassador. So, now the newly funded capital is expected to be spent on the promotions during IPL.
Indian digital Payment space has been witnessing fierce competition from all three major players, PhonePe, Goggle Pay and Paytm and as obvious none of them lacks capital and is bulling heavily on the Indian digital payment space.