PhonePe is “partially” spinning off to kick off a new journey after it has secured $700 mn in a new financing round. The partial spin-off means that Flipkart’s stake in PhonePe will reduce from 100% to 87%. However, the “two businesses will retain their close collaboration.” The round was led by Walmart with participation from some existing investors gave PhonePe a post-money valuation of $5.5 bn. PhonePe has amassed over 100 mn monthly active users.

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