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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.

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