Tag: Flipkart

Flipkart to turn off PhonePe, digital payments business esteemed at $5.5 billion
Business

Flipkart to turn off PhonePe, digital payments business esteemed at $5.5 billion

Walmart Inc-controlled Indian e-commerce firm Flipkart said on Thursday it was incompletely turning off PhonePe in a move pointed toward augmenting the digital payments platform's access to funding to fuel its development. PhonePe will bring $700 million up in essential capital, Bengaluru-based Flipkart said in an explanation. "Recognizing the momentum that has been achieved, as well as PhonePe’s significant growth potential, Flipkart’s Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," Flipkart said. The funds will be collected at a post-cash valuation of $5.5 billion from existing Flipkart speculators drove by Walmart, the assertion said. Flipkart will ke...