This announcement sets the stage for PhonePe to create an independent board and raise fresh funding from external investors. Currently, citing people close to the matter, the publication reveals that it is not clear how much the Walmart-owned company will divest of its 100% shareholding in PhonePe, but the payments company is looking to raise up to USD 1 billion in external capital.
PhonePe was an integral part of Walmart’s Flipkart purchase and had been cited during the acquisition announcement in 2018.
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