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PhonePe gets ₹743 crore funding from Flipkart

PhonePe which is a digital payment has now secured Rs 743.5 crore as a part of the fresh funding round from its parent entity of PhonePe Pvt Ltd, which is formerly known as the Flipkart Payments, according to the report which has been revealed.

Now its parent entity is owned by the Walmart has now committed around $500 Million to PhonePe in the year 2017and this could also be the last tranches of that committed sum.

The fresh funding will help the PhonePe bulk up its cash position as it enters into the promotional events at the time of IPL. The company has also recently revealed Bollywood actor, Amir Khan as its brand ambassador to promote the PhonePe as a payment application.

PhonePe which uses the UPI in collaboration with the Yes Bank is entangled in stiff competition with Google Pay and Paytm. Both the Paytm and Google Pay is also a player in the market which is trying to attract more loyal users through campaigns using the scratch cards among others.

Picture Credits: PhonePe

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