Indian online retailer Flipkart is set to invest $500m in its unified payments interface (UPI)-based digital payments platform PhonePe to scale-up its technology, reach and offering.

The newly-committed investment is in addition to the $75m infusion Flipkart has already made in PhonePe since its acquisition in 2015.

The funding comes at a time when the Reserve Bank of India is paving the way for inter-operability between mobile wallets and bank accounts.

PhonePe co-founder and CEO Sameer Nigam said: “This investment will help us maintain the same aggressive growth rate for the next two years.

“The investment will be used to scale up PhonePe’s technology platforms and expand merchant network and consumer base rapidly. PhonePe has been growing at over 100 per cent every two months this year.”

Flipkart Group CEO Binny Bansal added: “Fintech and e-commerce are among the most visible faces of a new digital India that is powered by the youth and technology, and both are set for outstanding growth.

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“PhonePe is a critical part of our overall strategy at Flipkart to build a comprehensive ecosystem for our customers.”

PhonePe has over 45 million installs and reported 16 million transactions on the back of Flipkart’s Big Billion Days in September 2017.