Flipkart, PhonePe complete separation as fintech firm preps for fundraise

PhonePe in talks with parent Walmart, General Atlantic, and other investors to raise about $700 mn

E-commerce giant Flipkart and PhonePe on Friday announced the full ownership separation of the digital payments platform, setting the two businesses to chart their own paths and unlocking enterprise value for shareholders.

A partial separation was announced in December 2020. The PhonePe Group was acquired by the Flipkart Group in 2016 and is now India's largest digital payments platform. The company has more than 400 million registered users and more than one in four Indians avail of its services.

“Flipkart and PhonePe are proud, homegrown Indian brands with a user base upwards of 400 million each,” said Sameer Nigam, founder