India: Flipkart hives off PhonePe, digital payments business valued at $5.5b

Walmart Inc-controlled Indian e-commerce firm Flipkart said on Thursday it was partially spinning off PhonePe in a move aimed at widening the digital payments platform’s access to capital to fuel its growth. PhonePe will raise $700 million in primary capital, Bengaluru-based Flipkart said in a statement.