skip to content

Flipkart invests $28 million in PhonePe


E-commerce major Flipkart has invested an additional USD 28 million in Phone Pe, the digital wallet, according to regulatory documents filed before authorities in Singapore.

This investment was made last week in a firm that is also operated by Walmart.

ALSO READ: COVID-19: Zomato & Swiggy grocery stores to the rescue amid lockdown

The e-commerce sector expected to grow up to USD 200 billion by 2025 may end up growing in a single-digit number this year, according to analysts.

PhonePe which was founded by Sameer Nigam and Rahul Chari has been trying to raise capital since last year but failed mainly due to Walmart’s valuation demand by the company.

Earlier, PhonePe said it will hit profitability by 2022 and will file for an initial public offering in 2023.

PhonePe has been massively impacted by recent lockdown measures initiated by the government amid coronavirus outbreak.

In recent times, it has also ventured into the delivery of essential items, groceries and more.

Click here for Latest News updates and viral videos on our AI-powered smart news

For viral videos and Latest trends subscribe to NewsMobile YouTube Channel and Follow us on Instagram


Please enter your comment!
Please enter your name here

Share post:



More like this

Hardik Pandya And Natasa Stankovic Announce Divorce

Mumbai: Hardik Pandya has confirmed his separation from wife...

NEET UG Row: CBI Arrests Four Medical Students From AIIMS Patna

Patna: The Central Bureau of Investigation (CBI) arrested four...