Flipkart-owned PhonePe to become new entity, explore $1b fund raise

Flipkart-owned PhonePe to become new entity, explore $1b fund raise

PhonePe co-founder Sameer Nigam. Photo: Livemint

When Walmart Inc. paid $16 billion for control of India’s e-commerce pioneer Flipkart Online Services Pvt. last year, the American retail giant got a little-noticed digital payments subsidiary as part of the deal. Now the business is emerging as one of the country’s top startups, a surprise benefit for Walmart from its largest-ever acquisition.

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