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Flipkart partially spins off PhonePe, PhonePe raises $700 million
short by Pragya Swastik / on Thursday, 3 December, 2020
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.
read more at Reuters