India's PhonePe spins out from Flipkart, raises $700m
PhonePe, the digital payments platform of Indian e-commerce marketplace Flipkart, has been spun out as a stand-alone entity and raised $700 million in funding at a post-money valuation of $5.5 billion.
Walmart, which acquired a majority stake in Flipkart in 2018 at a valuation of $24 billion, led the funding round. The other investors were not disclosed, but they are all existing investors in Flipkart....
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