Flipkart hives off PhonePe in $700 mn fundraising round

New Delhi, December 3

E-commerce major Flipkart on Thursday announced a “partial spin-off” of PhonePe as the digital payment firm raises $700 million in funding — valuing it at $5.5 billion.

To remain majority shareholder

• Flipkart will remain PhonePe’s majority shareholder, and the two businesses will retain their close collaboration

In this financing round, PhonePe is raising $700 million (about Rs 5,172 crore) in primary capital at a post-money valuation of $5.5 billion from existing Flipkart investors, led by Walmart, a statement said.

Flipkart will remain PhonePe’s majority shareholder, and the two businesses will retain their close collaboration, it added. — PTI