Flipkart’s digital payments firm PhonePe to raise US$700mil from existing investors

PhonePe is using the opportunity to assert its independence from the Flipkart Group, which runs a successful e-commerce business in India rivalling Amazon’s local unit. — Reuters

NEW DELHI: PhonePe, the digital payments unit of Walmart’s Indian e-commerce arm Flipkart, said on Dec 3 it would sell a stake to existing investors for US$700mil (RM2.85bil), helping it fuel growth in a crowded market that includes Google and Amazon.

PhonePe’s fundraising, from Flipkart investors led by Walmart, will give it a valuation of US$5.5bil (RM22.41bil), the company said in a statement.