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<ul><li><keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> has banned <keyword id="6570438" type="UNKNOWN" weightage="20" keywordseo="single-use-plastic">single use plastic</keyword> from all of its offices.</li><li>It has over 40 offices across the country. </li><li>The company now plans to move to alternatives to plastic which are 100% reusable and 100% recyclable. </li></ul>Flipkart-owned PhonePe has banned single use plastic from all of its offices. It has over 40 offices across the country. The company plans to move to alternatives to plastic which are 100% reusable and 100% recyclable. “Nowadays there are many other cost-affordable and environmentally-friendly materials available. It’s high time we adopted these new materials and shed our addiction to disposable plastics,” said Sameer Nigam, Founder and CEO PhonePe. In the next few months, PhonePe will introduce a slew of measures across offices to create an eco-friendly and sustainable workspace. PhonePe was acquired by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> in 2016 and the e-commerce giant too has been waging a war against plastic. Recently, Flipkart announced a new initiative to collect plastic packaging from the customers’ doorstep. Flipkart had earlier said that it reduced single use plastics by 25% until August 2019, with multiple initiatives across its packaging value chain. It has a long term plan to use 100% recycled plastics in its own supply chain by March 2021. It’s also planning to use recycled paper bags for packaging. Meanwhile, Zomato and Swiggy too are working on reducing plastic use by switching to biodegradable alternatives. See Also: <a href="https://www.businessinsider.in/business/startups/news/zomato-swiggy-ubereats-control-single-use-plastic/articleshow/71451827.cms">Zomato and Swiggy sell eco-friendly packaging to restaurants, to avoid single-use plastics</a>

PhonePe joins Flipkart in the fight against plastic, bans single use plastic

New Delhi, Dec 10 () Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 585.66 crore from its parent firm in another round, according to regulatory filings.
 PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was Rs 585,66,18,720, according to documents sourced by business intelligence platform Tofler
 The company declined to comment on the fund infusion.
 In July this year, PhonePe had received a fund infusion of about Rs 698 crore from its parent firm.
 The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space.
 Paytm had recently announced a USD 1 billion (around Rs 7,173 crore) fund raise led by the US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.
 Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes.
 PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore for the year ended March 2018.
 However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago.
 Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June.
 There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR HRS

Flipkart-owned PhonePe receives Rs 585.6-cr infusion from parent firm

<ul><li><keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">Digital payments</keyword> startup <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> has raised $101 million in funding from it Singapore-based parent company. </li><li>PhonePe, which was acquired by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> in 2016, and is subsequently owned by Walmart, has been yielding great results for the global giant. </li><li>It was reported that the company was looking to raise $1 billion at a $10 billion valuation.</li></ul>PhonePe receives fresh funds from its parent company – the Singapore-based PhonePe Pvt Ltd. According to filings sourced by paper.vc, PhonePe has received over $101 million in funding. Digital payments startup PhonePe was acquired by Flipkart in 2016. Earlier this month the company was <a href="https://www.moneycontrol.com/news/business/flipkart-arm-phonepe-may-raise-1bn-from-external-investors-at-a-10-bn-valuation-4194761.html">reportedly</a> looking to raise $1 billion at a $10 billion valuation, which would have made it one of the most valued startups in the country. In the process, PhonePe was made into <a href="https://www.livemint.com/companies/news/walmart-got-a-10-billion-phonepe-surprise-after-buying-flipkart-1562726957843.html">a separate entity by the Flipkart board</a>. While Paytm leads the digital payments segment with a 43% market share (until March 2019), PhonePe reportedly holds a <a href="https://www.livemint.com/industry/banking/phonepe-app-downloads-rises-77-in-fy19-even-as-paytm-retains-lead-shows-data-1561921777576.html">33.4%</a> share in the segment. In January 2019, PhonePe had announced that it had expanded its user base to have 1 million merchants on board. “Our offline business has shown phenomenal growth in barely a year and we are very thrilled to have reached the 1 million mark. We plan to grow offline merchant number to 6 million by December 2019,” Yuvraj Singh Shekhawat, Head – Offline Organized Business, PhonePe, had then said in a statement.

PhonePe raises $101 million funding from its parent chasing $10 billion valuation

New Delhi, Feb 26 () Flipkart-owned digital payments company PhonePe has received about Rs 427.25 crore from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was Rs 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about Rs 698 crore from its parent firm, while another Rs 585.66 crore was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space. "PhonePe has received the lion's share of its funding since Walmart's acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received about USD 700 million in funding as the ever-expanding digital payments space heats up in India," Nikhil Kanekal, Analyst at Paper.vc, said. Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes. PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore in the year ended March 2018. However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago. Previously, PhonePe had stated that saw 550 million transactions on its platform in January 2020 and has about 76 million monthly active users. There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR RVK

PhonePe receives Rs 427.25 cr capital infusion from parent co

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Walmart purchased Flipkart in 2018 for $16 billion as a way to break into the growing Indian e-commerce market. It marked the biggest acquisition in the retailer's history.</li><li>Flipkart is planning to spin off its digital payments platform, PhonePe Pvt Ltd., into a separate entity.</li><li>The stand-alone company is exploring a $1 billion capital raise at a valuation that could reach $10 billion, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value" target="_blank" rel="noopener">Bloomberg report</a>.</li><li><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories</a>.<a href="https://markets.businessinsider.com/"></a></li></ul>When <a href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> dropped $16 billion on Indian e-commerce giant Flipkart last year in its biggest-ever acquisition, it didn't expect to also scoop up a startup worth as much as $10 billion.Flipkart's board of directors is exploring a spin-off of PhonePe Pvt Ltd., a digital payments subsidiary, in a transaction that would seek $1 billion in funding for the venture, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value">new report from Bloomberg</a>. Bloomberg reported the unit could achieve a valuation of as much as $10 billion, or almost two-thirds of what Walmart paid for Flipkart initially. The funding round has not been finalized yet, according to Bloomberg's sources, but the deal could be closed in the coming months.<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>If the deal is completed, PhonePe Pvt would become a stand-alone company with its own group investors, and Flipkart will remain a shareholder. PhonePe Pvt has developed into one of India's dominant digital payments providers as the service's transaction volume and value has increase four-fold over the past year, according to Bloomberg. Edward Yurma, an analyst at KeyBanc Capital Markets, said PhonePe could be valued up to $15 billion, Bloomberg reported. Walmart bought Flipkart in an attempt to push further into ecommerce and compete with the likes of Amazon. Walmart's stock is up 22% year-to-date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/earnings-season-forecast-bank-of-america-predicts-better-than-expected-2019-7-1028339402?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Wall Street is expecting the worst this earnings season. But Bank of America says traders will be pleasantly surprised.</a><a href="https://markets.businessinsider.com/news/stocks/disney-plus-streaming-offering-could-beat-netflix-analyst-says-2019-7-1028347028">Disney's 3-part streaming offering will be a strong bet for investors who want the best contender to Netflix, analyst says</a><a href="https://www.businessinsider.com/leaked-memo-deutsche-bank-research-layoffs-2019-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Leaked memo shows how Deutsche Bank spared its research department, even as the industry braces for a brutal future</a><div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://markets.businessinsider.com/stocks/wmt-stock"></a></div></div></div><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=walmart&amp;itm_campaign=future-of-retail"></a>

Walmart's record-setting Flipkart acquisition contained a hidden gem that could be worth up to $10 billion

<a href="http://www.businessinsider.in/Flipkart-is-persuading-online-shoppers-to-pay-through-PhonePe/articleshow/53924458.cms" data-type="tilCustomLink" target="_blank">Mobile payments start-up PhonePe, which is owned by Flipkart, in partnership with Yes Bank launched unified payments interface (UPI) based payments app last week.</a> <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="PhonePe">PhonePe</keyword> app users can send or receive money to and from friends and family, without exchanging the bank account details.The app also offers features such as bill-split, mobile recharge and bill payments. Myntra cashback users will be PhonePe users automatically. Reports suggest that PhonePe will also be integrated with <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> Money. So what is PhonePe and how will it work? PhonePe allows you to link bank accounts securely to your smartphone using National Payments Corporation of India’s encrypted software. Once you get linked, you can transfer money or merchant payments by just entering a 4-6 digit MPIN. There is no OTP(One time password) required. If PhonePe works out well, it may help Flipkart reduce the number of cash transactions, while lowering transaction costs and making its supply chain more efficient for all its businesses. This is mainly why every e-commerce company wants to join the <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> bandwagon. The National Payments Corporation of India (NPCI) started work on this technology in February 2015 and launched it this August. Wait, but what is UPI? <a href="http://www.businessinsider.com/india-devises-national-mobile-payments-ecosystem-2016-4?IR=T" data-type="tilCustomLink" target="_blank">United Payments Interface or UPI</a> was launched with much enthusiasm recently and 21 banks have already gone live with their offerings. UPI is a payments system simply- just like a demand draft, cheque, your debit or credit card, or a mobile wallet. It is based on the IMPS (Immediate Payment Service) system that you use with your netbanking app, except this is available 24x7, even on weekends and holidays. <a href="http://www.businessinsider.in/UPI-is-forcing-Paytm-MobiKwik-to-diversify-business/articleshow/52398329.cms" data-type="tilCustomLink">READ ALSO- UPI is forcing Paytm, MobiKwik to diversify business</a> Just like an ATM service, it is interoperable between banks whether Yes bank, ICICI bank or Axis Bank. Banks like SBI, Induslnd and HDFC are supposed to get on board by November UPI is only available for Andriod users as of now. You have to download the UPI app from Google Playstore, verify your phone number, and then link your bank account to the mobile app. After confirming your bank details, you can start using the app to send or receive money easily.After verification, you can send or receive funds up to Rs 1 lakh to or from any person or establishment after a request from the other person of the transaction who must also have a unique virtual address or ID. Currently, there aren't too many use cases for UPI yet but you can be expect to use it to do person to person transfers, directly to a bank account. Instances like paying your rent, and payment to shops that sell high value items, payments via bank transfers; will get more accessible. With Myntra adopting this technology, you can easily pay your COD orders via PhonePe app in person. Reports suggest that other Indian E-commerce giants such as Amazon, Snapdeal and PayTM are also expected to integrate UPI on their platform in the coming months. This can be the simple One Time Password to the inclusion we have been craving in the fin-tech space.

'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

New Delhi, Mar 29 () After Paytm, Flipkart-owned PhonePe has launched a donation drive and said it aims to contribute up to Rs 100 crore to PM CARES Fund towards fighting coronavirus crisis.PhonePe said it will contribute Rs 10 for every user, who donates to the PM CARES Fund via the PhonePe App using UPI by April 30, 2020."In total, PhonePe has pledged to contribute a maximum of up to Rs 100 crore," a statement said.Paytm had on Saturday said it aims to contribute Rs 500 crore to PM CARES (Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund), and will contribute up to Rs 10 for every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card.Sameer Nigam, founder and CEO of PhonePe, said the 100 crore pledge is an attempt to lift the mood of the country in this period of crisis."We are asking every Indian to unite together and donate, even if it's just Re 1, to the PM CARES Fund. Our mission is to get 10 crore people to donate to this cause and create a world record for the highest ever number of donors for a cause in history," he added. SR BALBAL

COVID-19: PhonePe launches donation drive, aims to contribute Rs 100 cr to PM Fund

New Delhi, Apr 1 () Flipkart-owned PhonePe on Wednesday said it has launched a coronavirus hospitalisation insurance policy called 'Corona Care' in partnership with Bajaj Allianz General Insurance. The policy is priced at Rs 156 with an insurance cover of Rs 50,000 for a person aged under 55 years, and the cover is applicable at any hospital offering coronavirus treatment, a statement said. It also covers 30 days of expenses related to pre-hospitalisation costs and post-care medical treatment, it added. Users can purchase the policy from the PhonePe app, and the customer is issued policy documents within the app, it said. "The Indian government has taken very bold steps towards containing the outbreak in India. However, many Indians don't have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalisation treatment for COVID-19," PhonePe founder and CEO Sameer Nigam said. He added that PhonePe has decided to forego its commission, thus enabling an affordable product with Bajaj Allianz General Insurance. SR RVK

PhonePe partners Bajaj Allianz for hospitalisation insurance policy for COVID-19

New Delhi, Jun 26 () Flipkart-owned PhonePe on Friday said it has partnered with ICICI Bank on UPI multi-bank model, giving its users the option to create and use multiple UPI IDs with ICICI and Yes Bank's handles. "PhonePe has partnered with ICICI Bank on UPI multi-bank model giving its users the option to create and use multiple UPI IDs with ICICI Bank's '@ibl' handle and YES Bank's '@ybl' handle on the PhonePe app," a statement said. This addition, in partnership with ICICI Bank, enables quick and contactless payments to over 200 million registered PhonePe users, the statement added. In March, PhonePe had suffered a service outage for nearly 24 hours that had started after the Reserve Bank of India (RBI) placed Yes Bank on moratorium at that time. Its team had worked overnight with the National Payments Corporation of India (NPCI) and ICICI Bank to ensure all its services are up within a day. PhonePe, at that time, had said it was working on adding more payment service provider (PSP) partners to offer its users more options for UPI transactions, even as it continued to engage with Yes Bank. "At PhonePe, our effort has always been to give customers more choice while making their transaction experience seamless. Offering the '@ibl' handle to the users on our platform further solidifies PhonePe's already fruitful association with ICICI Bank," PhonePe Vice-President (Financial Services and Payments) Hemant Gala said on Friday. With customers now being able to choose between multiple handles for their UPI IDs, PhonePe has achieved another key milestone in its journey towards making payments easy, secure and accessible to all, he added. Bijith Bhaskar, head (digital channels and partnership) at ICICI Bank, said that with an increase in adoption of digital payments, ICICI Bank is partnering with PhonePe for extending UPI services. "We believe that with this partnership, both ICICI Bank and PhonePe would be able to capitalise on their immense domain strengths for empowering customers to a seamless and simple digital payment experience," he added. The new version of the app to add or create ICICI Bank's UPI ID will be gradually rolled out to the users in the coming weeks, the statement said. SR HRS

You Searched For "flipkart s phonepe" and got 9 results

PhonePe joins Flipkart in the fight against plastic, bans single use plastic

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Flipkart-owned PhonePe receives Rs 585.6-cr infusion from parent firm

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PhonePe raises $101 million funding from its parent chasing $10 billion valuation

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PhonePe receives Rs 427.25 cr capital infusion from parent co

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Walmart's record-setting Flipkart acquisition contained a hidden gem that could be worth up to $10 billion

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'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

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COVID-19: PhonePe launches donation drive, aims to contribute Rs 100 cr to PM Fund

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PhonePe partners Bajaj Allianz for hospitalisation insurance policy for COVID-19

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PhonePe partners with ICICI Bank on UPI multi-bank model

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