- PhonePe, the crown jewel in Flipkart's acquisition by Walmart (NYSE:WMT), is partially spinning off in a move aimed at widening the digital payments platform's access to "dedicated long-term capital."
- To begin new journey, the firm said it has secured $700M in a fresh financing round, led by Walmart, that valued the company at a post-money valuation of $5.5B.
- PhonePe currently leads the mobile payments market in India (835M+ monthly transactions). In October, it surpassed Google Pay to become the top payments app across India's UPI.
- The payments infrastructure, built by a coalition of large banks in India, has emerged as the most popular digital payments method in India, due to New Delhi's invalidation of more than 85% of the paper cash circulation in late 2016.
- Previously: Facebook's WhatsApp expands mobile payments push in India (Nov. 06 2020)