Flipkart, India’s leading e-commerce marketplace, announced that it has pumped an additional $28 million into PhonePe, taking the total infusion till date to $928 million, according to regulatory filings made by the Company’s Singapore-based parent. PhonePe Singapore is a fully-owned Flipkart Internet entity.
“Walmart will continue to bankroll PhonePe,” said a person in the know. Earlier this year, PhonePe said it sees itself hitting profitability by 2022 and will file for an initial public offering (IPO) in 2023.
PhonePe, with a total registered user base of 200 million, also competes with other brands such as Google Pay, Paytm, and BharatPe, who are all now focusing on UPI to grow their businesses.
In the past one year, the company has expanded across categories like food delivery, hyperlocal deliveries, travel, and entertainment.
Recently, PhonePe has introduced new features to let its customers discover stores in their vicinity, that are operational and delivering home with the option of making remote, contactless payments. It is one of the largest UPI transactions platforms in the country.
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