Fllipkart infuses Rs.452 crores as fresh capital to PhonePe

Fllipkart infuses Rs.452 crores as fresh capital to PhonePe

PhonePe is a financial technology  company headquartered in Bengaluru. It was founded in December, 2015. It provides an online payment system.  Sameer Nigam is the Founder and CEO of the Co. and Rahul Chari is the co-founder and CTO of the Co.  In August 2016, the company partnered with Yes Bank to launch a UPI -based mobile payment app, based on the government-backed UPI platform. Flipkart is the parent co.

One can pay from utility bills, mobile & DTH recharge, sending & requesting money, to paying credit card bill and insurance premium thru this Mobile app.  One can do all this and more on the PhonePe app. The goal of the co. is to make digital payments easy, safe and universally accepted that people never feel the need to carry cash or cards again. As India is at the cusp of a new mobile revolution, which will change the way people manage their money on the go. The co. see themselves facilitating this change, through technology and dogged customer .

Online retailer Flipkart who is the parent co of PhonePe has infused about Rs. 452 crore ($66 million) into its payments arm PhonePe Pvt. Ltd, at a time when the UPI-based (unified payments interface) platform is expanding aggressively to take on SoftBank-backed rival payments start-up Paytm.

PhonePe claimed that it was the largest UPI-based payments player in the country, ahead of the likes of Paytm and Google’s Tez app, citing data from the National Payments Corp. of India. Since Flipkart bought PhonePe, which was started by three former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, the payments business has emerged as an integral part of Flipkart’s overall strategy.  PhonePe is currently expanding its operations across online and offline channels

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