Flipkart-promoted PhonePe receives Rs 4.51 billion investment

The investment is part of the $500-million plan that Flipkart has chalked out for its mobile wallet in an attempt to stay ahead in competition with Paytm wallet, Google's Tez and BHIM

E-commerce major Flipkart-promoted mobile wallet PhonePe has received Rs 4.51 billion from the company's Singapore-based subsidiary Flipkart Payments, the company said in a filing with business intelligence platform Paper.vc. The investment is part of the $500-million plan that Flipkart has chalked out for its mobile wallet in an attempt to stay ahead in competition with Paytm wallet, Google's Tez and government fintech platforms such as BHIM Unified Payments Interface.