Flipkart’s digital payments firm PhonePe to raise $700 million
PhonePe, the digital payments unit of Walmart’s Indian e-commerce arm Flipkart, said on Thursday it would sell a stake to existing investors for $700 million, helping it fuel growth in a crowded market that includes Google and Amazon, Reuters reports.
PhonePe’s fundraising, from Flipkart investors led by Walmart, will give it a valuation of $5.5 billion, the company said in a statement.
PhonePe is also using the opportunity to assert its independence from the Flipkart Group which runs a successful e-commerce business in India rivalling Amazon’s local unit.
