Flipkart subsidiary PhonePe intends to raise $500 million

According to Media dealstreetasia news, Indian e-commerce giant Flipkart’s payment subsidiary, phonepe, said it was in contact with a group of strategic investors and is expected to raise a new round of financing totaling $500 Million.

It is reported that the participation in this round of financing may be the internet giant Google, and PhonePe raise this round the main purpose of financing is to combat the largest domestic rivals-e-commerce and pay giant paytm.

Currently, PhonePe has completed 94 million transactions in the unified payment interface (UPI) transaction, accounting for 40% of the volume of all unified payment Interfaces.

At this stage, the company has more than 300,000 merchants to accept payments, and in order to further support its own business ecosystem, they recently acquired ZOPPR Retail, a POS service company.

At the present stage, India’s digital payment industry is in the fierce transition period, the digital industry is growing rapidly.
India’s digital payments industry is expected to reach $500bn by 2020, accounting for 15 per cent of the country’s gross domestic product. Last year, India’s digital payments industry was about $50 billion.