E-commerce major Flipkart has invested an additional USD 28 million in Phone Pe, the digital wallet, according to regulatory documents filed before authorities in Singapore.
This investment was made last week in a firm that is also operated by Walmart.
The e-commerce sector expected to grow up to USD 200 billion by 2025 may end up growing in a single-digit number this year, according to analysts.
PhonePe which was founded by Sameer Nigam and Rahul Chari has been trying to raise capital since last year but failed mainly due to Walmart’s valuation demand by the company.
Earlier, PhonePe said it will hit profitability by 2022 and will file for an initial public offering in 2023.
PhonePe has been massively impacted by recent lockdown measures initiated by the government amid coronavirus outbreak.
In recent times, it has also ventured into the delivery of essential items, groceries and more.