phonepe 1024x853 - Flipkart to spin off PhonePe, digital payments business valued at $5.5 billion

Flipkart to spin off PhonePe, digital payments business valued at $5.5 billion

Walmart Inc-controlled Indian e-commerce firm Flipkart said on Thursday it was partially spinning off PhonePe in a move aimed at widening the digital payments platform’s access to capital to fuel its growth. PhonePe will raise $700 million in primary capital, Bengaluru-based Flipkart said in a statement.

To read more about this check this news from livemint.com

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