Flipkart to pursue ESOP buyback of $700 million during PhonePe funding

The buyback is a part of the most recent $1.5-2 billion investment round for PhonePe, led by Walmart. Walmart and General Atlantic will contribute roughly $1 billion in primary capital, with the remaining funds coming from the sale of additional shares.

The overall purchase will also cause Flipkart’s valuation to be revised from $37.6 billion to roughly $33 billion.