Flipkart pumps $90 million on digital payment entity PhonePe

Flipkart

Flipkart has invested a combined $90 million into its marketplace entity and digital payments subsidiary PhonePe, as per the regulatory filings made in Singapore.

Flipkart

This in total makes the fund infusion in PhonePe to $928 million till date, and Flipkart marketplace to $1.88 billion.

The allotment was made last week by e-commerce ginat Flipkart Pvt. Ltd., the holding company of the e-commerce platform where Walmart acquires majority stake. This entity handles PhonePe and Flipkart’s marketplace and logistics business.

The funding for PhonePe is invested at a time when the payments company is up against WhatsApp Pay, which is planningto go live on a wider scale with higher user base the help of Reliance Jio. Over the previous month, Flipkart faced a major blow in its core business with the government blocking the sale of non-essentials on e-commerce platforms, denting the company’s top line by more than 90 percent.

As per the media reports, Flipkart and Amazon are spending more money on every delivery than before as the margins on food and fast-moving consumer goods (FMCG) are very less now in comparison to what they earned on smartphones and apparel.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.