Flipkart commits $500 million investment in payments arm PhonePe - News Summed Up

Flipkart commits $500 million investment in payments arm PhonePe


Flipkart is keen to rapidly scale up the technology, reach and offerings of PhonePe. Photo: Hemant Mishra/MintNew Delhi: SoftBank-backed Flipkart on Thursday said it will invest $500 million in PhonePe to scale up operations of its payments arm. The commitment is in addition to the $75 million infused by Flipkart in PhonePe since the acquisition in 2015, Flipkart said in a statement. Flipkart is keen to rapidly scale up the technology, reach and offerings of PhonePe. Flipkart’s rival, Amazon, has also been ramping up efforts to strengthen its digital payments platform, Amazon Pay.


Source: Mint October 12, 2017 08:26 UTC


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