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... Read this story
