TIL Desk/Business/Mumbai/ Flipkart’s digital payment app PhonePe is looking at tapping the resources of US retail giant Walmart, which on Wednesday announced it was acquiring 77 per cent stake in the Indian e-commerce firm for $16 billion, to become the largest digital payments service provider in the country in the next two years.
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that the additional capital that Walmart will bring to the table will help it grow much faster.
The mandate seems to have arose after Walmart CEO Doug McMillon said that PhonePe had the potential to become an ecosystem driver for all of Flipkart. “The goal is to become the market leader in two years,” asserted Rahul Chari, co-founder and chief technology officer, PhonePe.
With more investment flow, Chari feels a domino effect will come into play which will lead to greater energy being spent on R&D giving rise to more innovations. “When you bring in good talent and have a culture of solving problems through technology, you automatically start seeing a lot of innovations,” he said. The company is tight-lipped about a big feature launch coming up in June.
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