It is learned that the e-commerce giant, Flipkart infused Rs 519 crores ($79.6 Million) into its payments space PhonePe. The investment is part of the $500 million commitment made by Flipkart in October 2017. The funding will be used to scale up the company’s technology platform and expand their consumer base and merchant base rapidly.
Flipkart is expected to get 2.45 million equity shares through its latest investment in PhonePe. According to Flipkart’s FY 2017 filings, it has invested $38.7 million in PhonePe in August 2017 and received 1.76 million equity shares in PhonePe.
Flipkart acquired PhonePe, a UPI-based payments startup on April 1st, 2016. The startup was founded by Rahul Chari, Burzin Engineer, and Sameer Nigam in December 2015. Currently, Sameer Nigam is the CEO of PhonePe.
Following is the quick glance at PhonePe:
• 25000+ merchants accept payment with PhonePe
• 10 Million Google Play Store Downloads
• As of June 2017, Rs 1000-crore worth transactions were handled
• Run-rate of PhonePe in July 2017 stood at $2.5 Billion
• 70% of PhonePe payments are carried through UPI
• Over 100 billers accept PhonePe
• Available in 11 Languages