Indian e-commerce giant has partially spun-out its mobile payments brand PhonePe, selling a stake in the startup to Walmart.
The deal, which makes PhonePe $700 million in primary capital, boosts Bengaluru-based PhonePe’s value to $5.5bn, as the platform passes 200m users.
Flipkart, founded in 2007, has become a behemoth of the online shopping world. It currently has around 30,000 employees and receives over 300m visits per month. It is valued at $6.1bn, and has piled almost a billion dollars into 2015-founded PhonePe.
“As Flipkart commerce continues to grow strongly serving the needs of Indian customers, we are excited at the future prospects of the group,” said Kalyan Krishnamurthy, Flipkart CEO. “This move will help PhonePe maximize its potential as it moves to the next phase of its development, and it will also maximize value creation for Flipkart and our shareholders.”