PhonePe, which is a digital payment, has received another tranche of funding from its parent entity according to the report which has been revealed. The INR 698 crore of fund fusion has come from the Singapore based PhonePe private Limited, which was known as Flipkart payments.
The funding is a part of the $500 Million capital, which is made by the eCommerce giant Flipkart for its payment business in the year 2017. The new tranche comes after the INR 743 crore was plowed in by the parent entity in March this year.
The digital payment space is seeing an intense battle which is being played out between the PhonePe and paytm along with the technology giant company which provides the Google Play. PhonePe, which uses the Yes bank platform to offer the UPI based payment, is even expected to be the second most used UPI app in the country after Google play.