Flipkart and PhonePe announces full ownership separation

Walmart-owned Flipkart and PhonePe on Friday announced the full ownership separation of the digital payments platform as PhonePe plans a massive fundraise followed by an initial public offering (IPO).

PhonePe, which was founded in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, was acquired by the Flipkart group in 2016.

In December 2020, Flipkart partially spun-off PhonePe which led to the latter raising $700 million from Tiger Global and Walmart at a valuation of $5.5 billion.