Flipkart commits $500 mn in PhonePe to take on Google, FB in UPI payments

PhonePe, the digital payments arm of Flipkart, has received an investment commitment of $500 million from its parent company as it looks to battle giants Google, Facebook and WhatsApp in country’s fast growing mobile payments space.

Flipkart’s commitment to invest in PhonePe comes soon after the company infused $38.7 million into the firm to take care of capital expenses apart from investments in technology and growth. 

Overall, Flipkart has so far ploughed $75 million into PhonePe since it acquired the company in 2015.

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