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Flipkart No Longer Owns A Stake In Payments Firm PhonePe

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Flipkart, an Indian e-commerce company, no longer holds a stake in PhonePe. 

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Both companies announced on Friday that they had completed a complete ownership separation of PhonePe. 

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Shareholders in both the Singapore and India entities purchased shares in PhonePe India.

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This is because PhonePe, acquired in 2016 by Flipkart, has moved its entire base to India. 

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According to a source, PhonePe is looking to raise $1.5 billion at a $12 billion pre-money valuation and to use some proceeds to purchase back shares from new shareholders.

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“The Flipkart Group has developed many successful entrepreneurs and seen impactful businesses started by former employees.

We are proud to see PhonePe grow and thrive as a successful organization in its own right,” said Kalyan Krishnamurthy, chief executive of Flipkart Grou


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