Flipkart announced to make PhonePe a separate entity, know how it will benefit digital payment company

By Anuj Kumar -
Flipkart announced to make PhonePe a separate entity, know how it will benefit digital payment company

Flipkart Announces Partial Spin-off of PhonePe Know How Digital Payment Company will be Benefited. (Photo credit: PhonePe)

Flipkart, the leading e-commerce company, announced Thursday to make PhonePe a partially separate entity. However, a majority stake in PhonePe will remain with Flipkart and the two companies will continue to collaborate with each other as before. A statement issued by the company said that given the growth momentum and the potential for the significant growth of PhonePe in the coming years, Flipkart's board has decided to establish PhonePe as a partially separate entity. Is an appropriate time because it allows the company to raise capital separately to meet its long-term goals over the next three to four years.

PhonePe has recently raised $ 700 million (about Rs 5,172 crore). This brings the company's total valuation to $ 5.5 billion. The company has raised these funds through existing investors of Walmart-led Flipkart.

In October 2020, the number of registered users of PhonePe crossed 25 crores. At the same time, the number of monthly registered users crossed 10 million. Also, the number of digital transactions was around one billion.

Sameer Nigam, Founder, and CEO of PhonePe said, "Flipkart and PhonePe have been one of the major Indian digital platforms. Both have 25–25 million users. With the creation of a partially separate entity, PhonePe will get long-term dedicated capital to fulfill the dream of financial inclusion of one billion Indians. ''

Kalyan Krishnamurthy, CEO of Flipkart Group, said the move would help PhonePe expand its prospects as it would usher in a new phase of growth. This will see the value creation for Flipkart and its shareholders.

PhonePe was founded by Rahul Chari and Bergin Engineer, a former Flipkart employees corporation. However, in 2016 Flipkart acquired PhonePe. Subsequently, in 2018, Walmart acquired Flipkart. PhonePe was also involved in this deal.

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