industry

Flipkart announces PhonePe spin-off, digital payments company to be valued at $5.5 billion


E-commerce marketplace Flipkart on Thursday announced a partial spin-off of digital payments platform PhonePe in a bid to help it access dedicated, long-term capital to fund its growth ambitions over the next three to four years. Flipkart said that PhonePe is raising $700 million in primary capital at a post-money valuation of $5.5 billion from existing Flipkart investors led by Walmart.





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