E-commerce platform Flipkart will partially hive-off PhonePe which will allow the digital lending platform to gain access to long-term capital, the two companies said in a joint statement. The development was first reported by Economic Times. "Recognizing the momentum that has been achieved, as well as PhonePe’s significant growth potential, Flipkart’s Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. It added that PhonePe will now be able to constitute a new board of directors and create a tailor-made equity incentive or employee stock ownership plan (ESOP) program for its employees. PhonePe is currently raising $750 million in equity capital, at a valuation of $5.5 billion, the statement said. Walmart is Flipkar's largest shareholder, while the…
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