News > Flipkart hives off PhonePe, digital payments company to be valued at $5.5 billion

Flipkart hives off PhonePe, digital payments company to be valued at $5.5 billion

After almost a year of it being under discussion Flipkart has spun off PhonePe as a separate entity, with the e-commerce major partially divesting its stake in the digital payments firm to its parent Walmart.

PhonePe has in the process raised primary capital of $700 Million in a round led by Walmart, with the new ownership structure set to grant the fast-growing digital payments giant more autonomy in operations.