Flipkart to invest heavily in online money transfer segment
India’s leading e-commerce company Flipkart has said that it intends to invest major part of money raised from latest deals, in new businesses such as PhonePe and Fintech considering opportunities in online money transfer segment.
"A large part of the money raised from the latest deals struck with Tencent, Microsoft and eBay, will be invested in new businesses, especially PhonePe and fintech," Flipkart Co-Founder and CEO Binny Bansal said, a news agency reported.
There was a huge opportunity on the payments side because a large chunk of business comes from people sending money to each other online, Bansal said.
"Opportunities are definitely there on the payment side becoming a business on its own. Even if you look at the business today, a large part of the business comes from people sending money to each other on phone pay, UPI platform," Bansal added.
In the biggest round of funding by an Indian Internet company till date, Flipkart on April 10 raised USD 1.4 billion from companies Microsoft, eBay and Tencent. Bansal said Flipkart was also going to invest 'heavily' in other new businesses like grocery, furniture and private labels.
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