Flipkart Invests Rs 200 Crore In Digital Payments App Like PhonePe

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PhonePe, the digital payments app of e-commerce giant Flipkart, has raised over Rs 200 crore from Singapore-based Flipkart Payments, according to documents filed with the Corporate Affairs Ministry. The funding in PhonePe comes after Flipkart had received $2.5 billion from investors like SoftBank early in the year. Flipkart had also raised USD 1.4 billion from Microsoft, Tencent and eBay Inc in April this year.

Last month, PhonePe had said that it had overtaken the government’s Bharat Interface for mobile app with a 45% share of the total UPI transactions in August. PhonePe claimed it had more than doubled the number of UPI transactions to 7.47 million in August from 3.5 million in May and its share rose steadily from 39% in July and 36% in June.

In the recently-concluded festive sales event conducted by e-commerce majors, Phonepe had offered 10% cashback on consumer purchases, while Amazon Pay offered 20% cash back beside schemes like buy now pay next year and no-cost EMIs. Paytm was also not far behind with a significant Rs 501 crore allocation for cash back alone. On whether Flipkart ever will be listed at the Nasdaq, Bansal said the company did not want to get distracted by anything.

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