, Columnist
$30 Billion of Proof That India's Tech Scene Is Back
Digital-wallet company PhonePe is preparing to spin out of the country’s biggest startup, Flipkart. A renaissance could be afoot.
A unicorn factory, some day soon.
Photographer: Karen Dias/BloombergThis article is for subscribers only.
India’s largest startup is ready to birth its own unicorn. That’d be unusual anywhere, but that it’s happening in India offers some hope for the country’s long-awaited tech renaissance.
This is also great news for Walmart Inc. The U.S. retail behemoth paid $16 billion for 77% of India e-commerce company Flipkart Group in May last year. That deal included payments unit PhonePe — an early pioneer in the digital-wallet business — which Flipkart had acquired two years earlier.