Online retailer Flipkart no longer holds a stake in the payments company PhonePe. On Friday, the two firms announced that they had fully separated their ownership of PhonePe and that shareholders in their Singapore-based companies had bought shares in PhonePe’s Indian subsidiary directly.
The change occurs as PhonePe, which Flipkart purchased in 2016, relocates its entire base to India. According to a source with knowledge of the situation, the payments startup is in discussions to raise up to $1.5 billion at a pre-money valuation of $12 billion and use some of the proceeds to buy back some shares. The majority shareholder in both companies is still Walmart.
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Online retailer Flipkart no longer holds a stake in the payments company PhonePe. On Friday, the two firms announced that they had fully separated their ownership of PhonePe and that shareholders in their Singapore-based companies had bought shares in PhonePe’s Indian subsidiary directly.
The change occurs as PhonePe, which Flipkart purchased in 2016, relocates its entire base to India. According to a source with knowledge of the situation, the payments startup is in discussions to raise up to $1.5 billion at a pre-money valuation of $12 billion and use some of the proceeds to buy back some shares. The majority shareholder in both companies is still Walmart.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
