Flipkart invests $500 million in its payments arm PhonePe

E-commerce giant Flipkart on Thursday said it is investing $500 million in its payments arm, PhonePe. Flipkart added that the investment, which is in addition to the $75 million it infused in 2015, is one of the largest single investment in the Indian fintech payments space. PhonePe CEO Sameer Nigam said the investment will help scale up PhonePe's technology platforms.