The unified payments interface (UPI) based payments app, PhonePe has received $38.7 million (Rs 254.43 crore) from its parent company Flipkart via its Singapore-based group company Flipkart Payments Pvt. Ltd., reports VCCircle. This investment in PhonePe was made on August 31, 2017, by allocating 1.76 million shares at Rs 1,445.29 per share to Flipkart Payments Pvt. Ltd. This is the third tranche of funds injected in PhonePe, since it was acquired by Flipkart in April 2016. The earlier ones were: October 2016: Rs 83.68 crore by allocating 4.18 million shares at Rs 200 per share. April 2016: Rs 102.94 crore via allocation of 5.42 million shares at Rs 190 per share. Sameer Nigam, PhonePe's CEO, told ET that the funds will be utilised to add new members to the team and to increase marketing initiatives. He claimed that in August 2017, 45% of all UPI transactions happened on PhonePe. PhonePe had launched an UPI-based Android app in partnership with Yes Bank, back in August last year, and by October had crossed 500,000 registered users. In May 2017, the company claimed to have processed 5.5 million transactions, of which UPI transactions accounted for 3.5 million or 70% of PhonePe’s overall transactions. Currently, PhonePe allows customers of 50 banks to pay via the app. It recently entered the offline commerce space and has added over 25,000 merchants. The company claims that it controls 80% of merchant transactions on the UPI. It has also partnered with payment aggregators like Pine Labs and Commdel and is currently in the process of on-boarding more merchants via the aggregators. PhonePe…
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...