Flipkart infuses $90 million more into marketplace, PhonePe: Report
PhonePe founder and CEO Sameer Nigam recently said the company intended to be profitable by 2022 and file for an IPO a year later.
April 28, 2020 / 11:43 AM IST
Walmart-owned Flipkart has reportedly infused $90 million into its marketplace and payments platform PhonePe.
This means that the ecommerce player has, so far, pumped in $928 million into PhonePe and $1.88 billion into Flipkart marketplace, according to a report by The Economic Times.
The $90 million allotment by Flipkart was made last week, the April 28 report said, citing regulatory filings made in Singapore.
Moneycontrol could not independently verify the story.
"Walmart will continue to bankroll PhonePe," a source told The Economic Times.
A separate report in Mint, which also cited regulatory filings in Singapore, said the capital injected into PhonePe is $28 million.
The funding for PhonePe comes at a time when it is competing with Google Pay, Paytm and Amazon Pay.
PhonePe founder and chief executive officer Sameer Nigam recently said the company intended to be profitable by 2022 and file for an initial public offering a year after.
Media reports say Walmart plans to hive off PhonePe as an entity separate from Flipkart.
Etailers such as Flipkart and Amazon have their business take a hit during the nationwide lockdown to contain the spread of coronavirus. The two, who can only offer “essential items”, have requested the government that they be allowed to sell non-essential items as well.