Existing shareholders of Flipkart to acquire a minority stake in PhonePe for $700m.

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.