Walmart-owned PhonePe has invested over ₹800 crore in its subsidiaries in the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show.
The infusion of Rs 426 crore to PhonePe Insurance Broking Services points to the payment company s bullish bet on the segment. PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since it was licensed, according to information sourced from the Registrar of Companies.
Fintech giant PhonePe has put big money into its subsidiaries to grow businesses such as insurance broking, wealth management and hyperlocal ecommerce. This and more in todays ETtech Morning Dispatch.