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Walmart’s Flipkart Will Spinoff India Payments Platform PhonePe

By Shai Oster
· · Source: Reuters

Walmart’s India e-commerce app Flipkart will spinoff its payments platform PhonePe as it battles for market share against Google and Paytm. The Indian e-commerce company’s payments platform will raise $700 million from its existing shareholders, giving PhonePe a valuation of $5.5 billion. Amazon and Facebook are also eyeing India’s fast-growing digital payments market, as e-commerce grows...

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