FLIPKART TO INVEST $ 500 MILLION IN PhonePe

Flipkart plans to invest $500 million in fintech company PhonePe, a leader among the UPI-powered payment apps that is owned by the ecommerce giant. This will be in addition to the $75 million that Flipkart has injected in PhonePe since the acquisition in 2015. This comes a few weeks after Google entered the payments market in India with Google Tez, which will use UPI as the backend platform for transactions.