Walmart-owned Flipkart has partially spun off its digital payments arm PhonePe to let the latter access devoted investment to fuel its “long-term ambitions” for the coming 3 to 4 years, the firm mentioned on Thursday. The partial spin-off would also let PhonePe to constitute a new Board of Directors to build a “tailor-made equity incentive or ESOP program for its employees.” The exercising undertaken by Flipkart’s Board was timed recognising the “momentum that has been achieved, as well as PhonePe’s significant growth potential,” according to a statement. Founded in December 2015, PhonePe has more than 250 million registered customers and a lot more than one hundred million month-to-month active customers (MAU) producing close to 1 billion digital payment transactions in October 2020.