Online retailer Flipkart no longer holds a stake in the payments company PhonePe

Online retailer Flipkart no longer holds a stake in the payments company PhonePe. On Friday, the two firms announced that they had fully separated their ownership of PhonePe and that shareholders in their Singapore-based companies had bought shares in PhonePe’s Indian subsidiary directly.

The change occurs as PhonePe, which Flipkart purchased in 2016, relocates its entire base to India. According to a source with knowledge of the situation, the payments startup is in discussions to raise up to $1.5 billion at a pre-money valuation of $12 billion and use some of the proceeds to buy back some shares. The majority shareholder in both companies is still Walmart.