Flipkart announceS a partial spin-off of PhonePe, Binny gets a seat in the Board

Flipkart announceS a partial spin-off of PhonePe, Binny gets a seat in the Board: In a move aimed at widening the digital payments platform’s access to capital to fuel its growth, Flipkart confirmed that it was partially spinning off PhonePe. PhonePe, which competes with Alibaba-backed homegrown payments pioneer Paytm and GooglePay, will raise $700 million in primary capital, Bengaluru-based Flipkart said in a statement.

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