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WALMART INC.

(WMT)
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Walmart : Flipkart to Partially Spin Off Payment Platform PhonePe

12/03/2020 | 03:55am EDT
   Ben Otto 
 

Walmart Inc.'s Indian e-commerce marketplace Flipkart is partially spinning off its digital-payments platform in a deal to raise $700 million in fresh capital for the unit.

Flipkart said Thursday that PhonePe will raise $700 million in primary capital from existing Flipkart investors led by Walmart. Bengaluru-based Flipkart will remain majority shareholder of PhonePe.

The latest fundraising round will give PhonePe, one of the largest digital-payments platform in India, a post-money valuation of $5.5 billion, Flipkart said.

"This partial spinoff gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians," said Sameer Nigam, PhonePe's founder and chief executive.

PhonePe, which competes with Google Pay and Paytm in India, has more than 100 million monthly active users who generated nearly a billion digital payment transactions in October, according to Flipkart.

Walmart in 2018 acquired a controlling stake in Flipkart for $16 billion--the U.S. giant's largest-ever acquisition.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

12-03-20 0354ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.57% 2872.2 Delayed Quote.63.88%
WALMART INC. 0.33% 145.03 Delayed Quote.0.61%
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Analyst Recommendations on WALMART INC.
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Financials (USD)
Sales 2022 559 B - -
Net income 2022 14 892 M - -
Net Debt 2022 30 602 M - -
P/E ratio 2022 27,3x
Yield 2022 1,52%
Capitalization 404 B 404 B -
EV / Sales 2022 0,78x
EV / Sales 2023 0,75x
Nbr of Employees 2 300 000
Free-Float 50,5%
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Mean consensus BUY
Number of Analysts 37
Last Close Price 145,03 $
Average target price 167,77 $
Spread / Average Target 15,7%
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Managers and Directors
C. Douglas McMillon President, Chief Executive Officer & Director
Brett M. Biggs Chief Financial Officer & Executive Vice President
Gregory B. Penner Non-Executive Chairman
Clay Johnson Enterprise Chief Information Officer & EVP
Jerry R. Geisler Chief Information Security Officer & Senior VP
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