"A large part of the money raised from the latest deals struck with Tencent, Microsoft and eBay, will be invested in new businesses, especially PhonePe and fintech," Flipkart Co-Founder and CEO Binny Bansal said.
There was a huge opportunity on the payments side because a large chunk of business comes from people sending money to each other online, he told ETNow.
"Yeah, opportunities are definitely there on the payment side becoming a business on its own. Even if you look at the business today, a large part of the business comes from people sending money to each other on phone pay, UPI platform," he said.
In the biggest round of funding by an Indian Internet company till date, Flipkart on April 10 raised USD 1.4 billion from blue-chip technology companies Microsoft, eBay and Tencent.
Bansal said Flipkart was also going to invest 'heavily' in other new businesses like grocery, furniture and private labels.
Asked whether forging a partnership with eBay was necessary at all, Bansal said they were very excited about it because it would provide a global platform for Indian sellers to sell their products.
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