Flipkart has divested PhonePe and sold a partial stake to the parent firm Walmart
The divestiture helped PhonePe raise $700 million in primary capital
PhonePe, now valued at $5.5 Billion, can exercise more autonomy over its operations
Post the divestiture, Flipkart’s CEO Binny Bansal will join the PhonePe board
Flipkart will retain its majority shareholding of 87% in PhonePe whereas Walmart will have 10%
PhonePe crossed the 250 Million registered user base in November
