MONEY
Flipkart to spin off PhonePe partially
- IBJ Bureau
- Dec 31, 2020
Flipkart has announced a partial spin-off of PhonePe, as the digital payments firm will raise $700 million in funding, valuing it at $5.5 billion. Flipkart will own an 87 per cent majority share in the hived-off entity, with US retail giant Walmart owning 10 per cent and existing investors, including Tiger Global Management, holding the remaining 3 per cent stake. Flipkart co-founder Binny Bansal will join PhonePe’s board of directors along with the fintech company’s co-founders Sameer Nigam and Rahul Chari. PhonePe has added that a good part of the money raised will be used to penetrate rural India in the next two years.
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