E-commerce platform, Flipkart has announced that it plans to invest major part of money raised from latest deals, in new businesses such as PhonePe and fintech on account of growing opportunities in online money transfer segment.
Binny Bansal, Co-Founder & CEO, Flipkart, said, "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.”
The company had recently raised USD 1.4 billion in its biggest fundraising till date from blue-chip technology companies Microsoft, eBay and Tencent.
He added, “There was a huge opportunity on the payments side because a large chunk of business comes from people sending money to each other online.
According to Bansal, “Flipkart was also going to invest 'heavily' in other new businesses like grocery, furniture and private labels.”