close
INDIAN (T)

PhonePe gets Rs 518 cr from Flipkart Payments

no thumb


PhonePe gets Rs 518 cr from Flipkart PaymentsFlipkart promoted digital payments company PhonePe has received Rs 518 crore of fund infusion from Flipkart Payments, a Singapore-based subsidiary of the e-commerce giant.

The investment is part of the $500 million commitment Flipkart made to invest in PhonePe last year.

In a note shared with the Ministry of Corporate Affairs, the Bengaluru-based payments company said it received Rs 518.2 crore in lieu of 24.5 lakh equity shares in the company.

This fund infusion comes at a time when global players Google and WhatsApp have forayed into Indian digital payment space. Bigger rival Paytm has also entered the Unified Payments Interface (UPI) space.

PhonePe, which works with Yes Bank for UPI payments, was one of the first entrants into this space and still commands a significant share of the UPI payments pie.

Both Google Tez and Paytm have lately claimed that they have overtaken PhonePe in this space. PhonePe, however, in a blog post earlier this month claimed that the numbers quoted by the rivals were “inflated” and not as per the usual payment trend on UPI.

Flipkart acquired PhonePe in April 2016. The app has around 75 million downloads and claims to have the highest share of merchant transactions on UPI through bill payments, merchant payments and recharges. The company has also ventured in the offline business with its point of sales terminal that runs on Bluetooth.

Read: PhonePe signs its first major PoS deal with Indian Oil Corporation



Source link

The author

Leave a Response