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Walmart’s Flipkart to spin-off digital payments business

NEW DELHI: Walmart-controlled Indian e-commerce firm Flipkart said on Thursday it was partially spinning off PhonePe to widen the digital payments platform’s access to capital to fuel its growth.

PhonePe, which competes with Alibaba-backed home-grown payments pioneer Paytm and Google Pay, will raise $700 million in primary capital, Bengaluru-based Flipkart said in a statement. The money will be raised from existing Flipkart investors led by Walmart, giving PhonePe a valuation of $5.5 billion including the fundraising, the statement said.

News source ~ Arab News