Flipkart partially spins off PhonePe, PhonePe raises $700 million

Walmart-owned Flipkart on Thursday announced a partial spin-off of PhonePe so it can access dedicated long-term capital over the next three to four years. PhonePe is raising $700 million funding from existing Flipkart investors led by Walmart, valuing PhonePe at $5.5 billion. Flipkart, which acquired PhonePe in 2016, will remain PhonePe's majority shareholder.