PhonePe is partially spinning off, reducing Flipkart's stake from 100% to 87%, and raises $700M led by Walmart at a post-money valuation of $5.5B (Manish Singh/TechCrunch)

Manish Singh / TechCrunch:
PhonePe is partially spinning off, reducing Flipkart's stake from 100% to 87%, and raises $700M led by Walmart at a post-money valuation of $5.5B  —  PhonePe, the crown jewel in Flipkart's acquisition by Walmart, is “partially” spinning off, the financial services firm said on Thursday.

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