PhonePe becomes a separate entity, raises USD 700 million from Walmart

BENGALURU: Digital payments major PhonePe has raised $700 million in a new funding round led by US retail giant Walmart at a $5.5 billion valuation, while announcing a partial spin-off from parent firm Flipkart. Recently, PhonePe surpassed Google Pay and Paytm in clocking the highest number of UPI transactions in October month with more than 100 million active users on the platform. The four-year-old start-up has an user base of 250 million.