Published
Oct 5, 2017
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Flipkart does top up Rs 254 crore to its digital wallet PhonePe

Published
Oct 5, 2017

Indian e-commerce major Flipkart has managed to raise funds over Rs 254 crore (approx $39 million) for its digital wallet PhonePe from Singapore-based Flipkart Payments, according to documents filed with the Corporate Affairs Ministry.
 

Flipkart


According to the documents, Flipkart Payments has been allotted 17.60 lakh shares of face value of Rs 10 each, at a higher premium of about Rs 1,435 each, aggregating to Rs 254.43 crore on a rights basis.
 
The e-commerce battle is now shifting to the digital wallets space in India with both Flipkart, Amazon going all out to capture the market by making heavy capital infusion to strengthen the digital wallets.

Amazon India’s digital wallet platform ‘Pay’ recently increased its authorized share capital of the company by five times to Rs 2,000 crore (approx $307 million).
 
India is the fastest growing e-commerce market in the world and 'Global Payments Report 2016' states that the digital payment sector is set to reach US$63.7 billion by 2020. The e-commerce firms are strengthen their digital wallets as the realize that the combination of the same can rake in the moolah for the firms.
 
"This capital infusion will be used to grow our business, build our team and scale our marketing efforts. We are growing exponentially right now at nearly 100% every two months. 45% of all UPI transactions in August were driven by us, resulting in a phenomenal 66% growth in volume of transactions over July," said Sameer Nigam, CEO, PhonePe was quoted as saying by the Times of India.
 
PhonePe competes with the likes of Amazon Pay, Paytm and Mobikwik in India’s digital market. 

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