Friday, 24 March, 2023

PhonePe raises $700 mn at $ 5.5 bn valuation, becomes a separate entity

<p>PhonePe is &ldquo;partially&rdquo; 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&rsquo;s stake in PhonePe will reduce from 100% to 87%. However, the &ldquo;two businesses will retain their close collaboration.&rdquo; 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.</p>