Indian e-commerce giant Flipkart has invested a total sum of $500 million for its payments platform PhonePe. This is considered as one of the largest single investment commitments in the Indian financial technology payments space. This newly committed amount has bought a grand total of $75 million worth of infusion by Flipkart.
PhonePe Receives $38 million
PhonePe has received a total sum of $38 million from Flipkart Payments according to RoC filings. The firm is confident that it will achieve its target of 25 billion digital payment transactions by next year. “Financial technology and ecommerce are among the most visible faces of a new digital India.” said Binny Bansal, group CEO, Flipkart.
He further said that “PhonePe is a critical part of our overall strategy at Flipkart to build a comprehensive ecosystem for our customers.”
Investment to Scale Technology Platforms
“The investment will be used to scale up our technology platforms and expand our merchant network and customer base rapidly,” said Sameer Nigam, cofounder and CEO, PhonePe.”We have been growing at over 100% every two months this year, and this investment will help us maintain the same aggressive growth rate for the next two years.”
PhonePe continues to grow with over 16 million transactions on the back of Flipkart Big Billion Days last month, and thus its annual run rate touched a new high of $ 3.5 billion in terms of Total Payments Volume (TPV) in September.