India, April 24 -- Walmart-owned fintech major PhonePe, which continues to be the biggest player in the UPI payments space after Google Pay, has infused over INR 800 Cr into its subsidiaries over the last year to fuel its expansion across diverse sectors, including insurance broking, wealth management and hyperlocal ecommerce.

As per ET's report, citing regulatory filings, over half of this investment, totalling INR 426 Cr, was allocated to PhonePe Insurance Broking Service.

The company has injected over INR 1,000 Cr as equity investment into its insurance unit since obtaining its license.

Given the substantial investment, it's evident that PhonePe is bullish on the insurance sector. However, despite this, the products it offers may no...