Bengaluru: Flipkart has made key changes to its board as the Walmart Inc-owned e-commerce firm readies for a proposed initial public offering (IPO) next year. Bhagat has joined the PhonePe board as its chairperson after the digital payments firm was spun off earlier in December. Walmart now owns an 82.3% stake in Flipkart, with US-based hedge fund Tiger Management, China’s Tencent, Accel Partners and Microsoft Corp., among the other key investors. The IPO will offer an opportunity to minority investors to sell or pare their holdings. Bengaluru-based Flipkart competes with Amazon India and Reliance Industries Ltd, which is ramping up its JioMart e-commerce business to challenge its rivals in the e-commerce space.

Source: Mint December 24, 2020 11:37 UTC