Announced
Financials
Sources
Tags
digital payment
Domestic
Acquisition
India
mobile recharge
Software
Private
Minority
application software
Pending
Friendly
Single Bidder
Spin Off
Private Equity
Synopsis
Existing shareholders of Flipkart, an e-commerce giant, agreed to acquire a minority stake in PhonePe, a developer of application software, for $700m. “Flipkart and PhonePe are already among the more prominent Indian digital platforms with over 250m users each. This partial spin-off gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians," Sameer Nigam, PhonePe Founder and CEO.
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