Flipkart invests USD 500 million in its payments firm PhonePe
This investment adds to the USD 75 million funds infusion Flipkart made in PhonePe since acquiring it in 2015
Bangalore based e-commerce marketplace Flipkart announced an investment commitment of USD 500 million in PhonePe, its own payment platform on Thursday.
This investment adds to the USD 75 million funds infusion Flipkart made in PhonePe since acquiring it in 2015.
“PhonePe is a critical part of our overall strategy at Flipkart to build a comprehensive ecosystem for our customers. We are fully committed to making PhonePe the most preferred digital payments app in India,” said Binny Bansal, Group CEO of Flipkart.
PhonePe had 16 million transactions on the back of Flipkart’s Big Billion Days in September 2017.
Sameer Nigam, Co-founder, and CEO of PhonePe said, “The investment will be used to scale up our technology platform and expand our merchant network and consumer base rapidly. We have been growing at over 100 percent every two months this year, and this investment will help us maintain the same aggressive growth rate for the next two years."He added, “PhonePe is strongly committed to helping the Indian Government in realizing its Digital India vision and achieving its
the target of 25 billion digital payment transactions by next year.”