Phonepe articles
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PhonePe’s Rs 800 crore in-house bets; layoffs at Allen
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 today’s ETtech Morning Dispatch.Also in the letter:■ Contractual hiring picks up in IT■ ETtech Done Deals■ World Bank on DPI adoption PhonePe poured bulk of past year’s investments into insurance biz 109546396Walmart-owned fintech giant PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow...
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PhonePe poured bulk of Rs 800 crore investments into insurance business
Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show. More than half of this, or Rs 426 crore, went to PhonePe Insurance Broking Services — a clear indication of the payment firm’s intention to build a large retail cover distribution business.PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since...
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PhonePe’s Pincode exits non-food categories in ecommerce business rejig
Walmart-backed PhonePe is restructuring its ecommerce strategy on the Open Network for Digital Commerce (ONDC). It has exited several categories like fashion, grocery and electronics, but will continue to offer food delivery services on the network, according to people briefed on the matter.The company has briefed the government-backed ONDC network already and the changes became effective Tuesday.PhonePe entered the ecommerce business through a subsidiary, Pincode, after its separation from the...