US-based global retailer Walmart is likely to separate the digital payment platform PhonePe from Flipkart in order to directly own it.
Walmart is reportedly going to demerge its acquisition with the e-commerce company Flipkart.
By this move, Walmart is looking forward to entering the competitive digital payment market in India, as per the reports in an English Daily.
As per the report, “ Walmart is looking to unlock the value of its acquisition separately. It further said that with this demerger, few of the Flipkart investors can cash in through secondary sales. The company is reportedly being advised by Goldman Sachs.”
The move is expected to happen at the time when the digital payment platform is eyeing to corner the mega-round through the sale of primary and secondary shares.
As per Morgan Stanley, the American multinational investment bank and financial services company report, PhonePe is valued at about USD 7 billion.
The digital payment platform, PhonePe, has become the leader which was earlier behind the UPI-based transactions, with over 37 percent market share.