Flipkart to invest $500 million in PhonePe

To compete in mobile payment sector, Flipkart has decided to invest $500 million in its digital payments arm, PhonePe. This investment will be used to increase PhonePe’s technology platform, consumer base, and network, said Sameer Nigam, co-founder and chief executive officer of PhonePe. Since PhonePe’s acquisition in 2015, Flipkart had invested $75 million (Rs. 488 crores) in it.