Flipkart takeover a startup company named PhonePe

phonepe acquired by Flipkart
source via:- google search, business news, Flipkart acquires a start-up company named PhonePe who provides payment solution services
E-commerce marketplace Flipkart Ltd on Friday said it has acquired payments start-up PhonePe Internet Pvt. Ltd, which was launched last December by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer.

The PhonePe team will join Flipkart but will function as an independent business unit.

PhonePe hasn’t yet launched a product, but is working on a payments solution around the Unified Payments Interface (UPI), an initiative of the National Payments Corp. of India, which will allow fund transfer between banks and will make interoperability between banks and instant payments possible by using a single identifier like the Aadhaar number or a virtual address.

PhonePe’s mission is to significantly improve the online and offline digital payments experience for millions of Indian customers
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