PhonePe received funds from its parent company Flipkart
Flipkart funded its arm, PhonePe with Rs 452 crore, in July. The funding came from Flipkart Payments, a subsidiary of Flipkart. Flipkart after having fresh cash flow is expecting to make the position of PhonePe strong in the digital payments sector. The sector is currently led by Paytm, Mobikwik, and UPI. First, it was funded in March with Rs 518 crore, as Flipkart committed it to support financially.