News on the go

Flipkart to invest in new business like PhonePe

Phone pay

E-commerce company Flipkart said it proposes to invest major part of money raised from latest deals, including with Microsoft, in new businesses such as PhonePe and fintech considering opportunities in online money transfer segment. There was a huge opportunity on the payments side because a large chunk of business comes from people sending money to each other online.In the biggest round of funding by an Indian Internet company till date, Flipkart on April 10 raised $1.4 billion from blue-chip technology companies Microsoft, eBay and Tencent.

Bansal said Flipkart was also going to invest,heavily in other new businesses like grocery, furniture and private labels.The eBay partnership and eBay funding has a very strategic lens to it. They are really excited about it.

They see a big opportunity in global as well as domestic markets. This will allow lakhs of Indian sellers to sell their products globally.

Related Articles
Leave a Comment