Flipkart hives off PhonePe, chips in with $700 million investment – Here’s why

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Walmart has led a clutch of existing investors in chipping in with an investment of $700 million in PhonePe, even as it announced a partial spin-off of digital payments platform from Flipkart.

Flipkart will still remain the PhonePe’s majority shareholder and the two companies will “retain their close collaboration.”

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