India’s Flipkart to partially spin off PhonePe

Walmart-owned Flipkart is partially spinning off its digital payments arm PhonePe to ensure better funding and speedier growth. The new entity is raising US$700 million funding, led by Walmart and existing investors, for a valuation of $5.5 billion. As per the new arrangement, Flipkart’s stake in PhonePe will go down to 87% from 100%, but […]