Digital payment company PhonePay has spun off its ownership from Flipkart. The shareholders of Flipkart have directly bought shares in Phonepay. With this, PhonePay became a fully Indian company.
Founder and CEO Sameer Nigam said that the company is being made independent with the aim of ensuring rapid growth as an independent company and expanding into new areas such as insurance, wealth management and lending.
In 2016, Flipkart acquired PhonePay, the country’s largest digital payment platform. The company has more than 40 crore customers.
