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.
Flipkart has around 500 million users and the company does around five million orders in a day. If a third of these orders start using Flipkart’s UPI, it is likely to do 50 million transactions in a month.
Navi s market share is a drop in the ocean compared to market leader PhonePe s 50%. Incidentally, Flipkart, which was cofounded by Bansal, and from which PhonePe was spun off in 2020, waded into the UPI business last month
Meesho is in the process of flipping its base back to India from Delaware and a bulk of the fresh capital will be used to pay the relevant taxes ahead of a planned IPO, according to sources.