ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Startups

Flipkart's payment spinoff intensifies rivalry in India

Likes of Alibaba and Facebook keen on sector eyeing large number of untapped consumers

Indian e-commerce group Flipkart competes with Amazon and counts Walmart as a major investor.   © Reuters

BANGALORE -- Competition in India's digital payment sector is set to rise with Walmart's plan to spin off its local unit to raise funds.

The American retail giant is planning to carve out its Flipkart payments arm, PhonePe, reported local media Economic Times citing sources. The unit is reportedly raising $1 billion at a valuation of $10 billion through the issuance of primary and secondary share sales. It is currently valued at $7 billion.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more