Flipkart hives off PhonePe as a separate entity

E-commerce major Flipkart has announced a partial spin-off of its digital payments platform PhonePe. In March 2019, PhonePe’s board had received in-principle approval from Flipkart to hive off as a separate entity. The Walmart-controlled firm has made this move to constitute a new board of directors and access outside capital to fund PhonePe’s long-term ambitions over the next three to four years.