PhonePe gets USD 28 mln investment from Flipkart

Tuesday 28 April 2020 15:28 CET | News

Walmart-owned ecommerce player Flipkart has invested USD 28 million in the Singapore-based parent entity of PhonePe.

The infusion comes as PhonePe has been looking to raise funds to enter the payments industry in India. According to Inc42, Walmart will continue to invest in PhonePe, with a total fund infusion now standing at USD 928 million. PhonePe Singapore is a fully-owned online payments subsidiary of Flipkart Internet, the company’s Singapore-based entity, and it received the funds on 21 April 2020, according to the regulatory filings.

Due to the COVID-19 lockdown, in part, things might not be easy for PhonePe. For one, online payments, specifically UPI, have dropped significantly during the lockdown in India. In the current context, however, PhonePe is aiming to become a super app, with features like food delivery, travel bookings, hyperlocal deliveries, entertainment, and more, Inc42 concluded.

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Keywords: Walmart, ecommerce, PhonePe, India, investment, infusion funds, Flipkart, online payments, UPI, retailers, COVID-19
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce