Walmart on lookout for external investors for PhonePe: Sources

Walmart wants to focus on consolidating the e-commerce operations and narrow losses, sources said

Walmart is preparing to hive off digital payments firm PhonePe from Flipkart Group as an independent entity and is looking to attract external investors into PhonePe, two sources privy to the talks said. 

“The discussions have already happened between PhonePe and the Flipkart board. Sameer (Sameer Nigam, the chief executive at PhonePe) has spoken to Walmart about the spin off. They are figuring out the structure they will adopt for the business, whether to have the company listed in Singapore and how the cap-table will be aligned,” said one of the persons privy to the talks.

Walmart wants to focus