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PhonePe, the payment and financial services arm of the large Flipkart e-business group, received Rs. 743.5 million for a new injection of funds from its Singapore-based parent company, PhonePe Pvt Ltd ( formerly known as Flipkart Payments), according to filings with the Registrar of Companies (ROC).
The media suggest this funding comes from Walmart.
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Founders of PhonePe: Sameer Nigam and Rahul Chari
"align =" center "> Founders of PhonePe: Sameer Nigam and Rahul Chari
The last month, PhonePe had announced its partnership with Walmart India to launch PhonePe as a payment option in the 23 "B2B Cash & Carry" stores of Wholesale Best Modern Wholesale Wholesale
. The purpose of this partnership was to enable registered members of Walmart India's "Best Price" stores to take advantage of various payment options on the PhonePe app, including the Unified Payments Interface (UPI), the PhonePe Wallet, the third party wallet, credit and debit cards.
Also read: PhonePe said to have more than a million offline merchants in India
Meanwhile, PhonePe also announced today that the Bollywood Actor, Aamir Khan, would be the ambbadador of his mark. Sensitize Indian users to the benefits of digital payments. PhonePe is now also an official co-presenter of the TV broadcast of VIVO IPL 2019 which will begin tomorrow.
According to the media, this new injection of funds will help PhonePe increase its liquidity by participating in promotional campaigns First Indian League (IPL). Flipkart had committed approximately $ 500 million in PhonePe in 2017 to invest in commercials and promotions for 2019.
Through UPI, PhonePe allows merchants to accept consumer payments via multiple instruments such as UPI, credit cards, debit cards and PhonePe wallet. in the form of external portfolios.
Last November, the company announced it had crossed the one billion digital payment transactions and reached a total annual processing rate of $ 38 billion.
PhonePe, based in Bengaluru, claims to be the fastest growing digital payment platform in India with over 100 million users. Today, customers can place orders on Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo, Treebo, and so on. directly from the PhonePe mobile application.
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