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Flipkart is partially spinning off its digital payments business PhonePe to raise $700 million from existing investors led by Walmart to achieve profitability by 2022 and a public listing the following year.
The extra investment will give PhonePe a valuation of $5.5 billion, with Flipkart continuing to be PhonePe’s majority shareholder.
PhonePe competes with Alibaba-backed home-grown payments pioneer Paytm and Google Pay.
PhonePe CEO Sameer Nigam says the access to dedicated long-term capital further its ambition in the financial services distribution sector.
The fintech firm has over 100 million monthly active users that made one billion digital payment transactions on its platform in October.
India’s digital payments market is expected to more than double its 2019 levels to $135 billion in 2023.
However, India’s flagship payments processor, the National Payments Corp. of India (NPCI), which manages Unified Payment Interface (UPI), has capped the total percentage of transactions that a third party application can process in UPI at 30 percent effective January 1.
The decision is expected to hinder the growth of payments services offered by PhonePe, Facebook, and Google, while boosting those with niche bank licenses such as Reliance’s Jio Payments Bank and Paytm.
