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Walmart tops up PhonePe wallet with Rs 743 cr to counter Amazon and Google

The fresh capital tops up PhonePe's war-chest as the Sameer Nigam-led company looks to support user growth in a market heated up by the entry of Google Pay and Amazon Pay

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PhonePe is key to Walmart’s e-commerce strategy in India, say experts. As the e-commerce policy bars discounts by foreign-owned e-commerce platforms, affiliate payment apps like Flipkart’s PhonePe and Amazon Pay are being used to attract users to cer

Yuvraj Malik

3 min read Last Updated : Jul 09 2019 | 3:51 PM IST

Flipkart-owned online wallet PhonePe has received Rs 743 crore (approximately $111 million), through fund infusion from its parent entity in Singapore, company filings sourced from business intelligence platform Paper.vc showed. The fresh capital, which follows a series of mega infusions in 2018, tops up PhonePe’s war chest as the Sameer Nigam-led company looks to support user growth in a market heated up by the entry of Google Pay and Amazon Pay.

According to the documents, PhonePe Singapore has infused the funds in the India entity by subscribing to 2,915,964 shares in the latter at Rs 2,450 apiece. PhonePe,

Topics : Google PhonePe