Flipkart gives green signal for separation plan from PhonePe
Image Credit: Shortpedia
The online transaction app PhonePe was acquired by the e-commerce site Flipkart in 2016. The app, founded in 2015 by Sameer Nigam is now a separate entity after Flipkart gave green signal to the separation plan. PhonePe will now be able to set up an independent board and raise fresh funding from external investors, which is planning to raise up to $1 Billion in external capital. Tencent is interested in investing in the app.