Flipkart to invest in new businesses like PhonePe
E-commerce company Flipkart on Wednesday 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. "A large part of the money raised from the latest deals struck with Tencent, Microsoft and eBay, will be invested in new businesses, especially PhonePe and fintech," Flipkart co-Founder and CEO Binny Bansal said. There was a huge opportunity on the payments side because a large chunk of business comes from people sending money to each other online, he said. "Yeah, opportunities are definitely there on the payment side becoming a business on its own.
Even if you look at the business on Wednesday, a large part of the business comes from people sending money to each other on phone pay, UPI platform," he said. 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.