India’s homegrown e-commerce giant, now owned by Walmart has today announced the development of its digital payments arm, PhonePe. The company has invested $28 million in PhonePe.
The development has come amid the COVID-19 pandemic situation when digital payments ecosystem is witnessing huge demand and use-case – at the same time a sharp drop in revenue.
As reported by Entrackr earlier today, PhonePe CEO Sameer Nigam has unveiled plans to turn the company profitable by 2022 and go public in 2023. In the financial year 2019, PhonePe recorded a 2.4X jump in losses compared to the same period in the previous year.
The company along with its rivals like Paytm and Google Pay is witnessing a huge drop in revenues amid the COVID-19 outbreak and also launched a donation drive in March and an insurance policy for the Coronavirus treatment earlier this month.
With the fresh funds, Phone is planning to maintain its position in the digital payments and UPI domain in India.
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