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Walmart's record-setting Flipkart acquisition contained a hidden gem that could be worth up to $10 billion

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Flipkart's PhonePe Pvt was an overlooked part of Walmart's deal, but it's making serious waves in the private market.

Walmart purchased Flipkart in 2018 for $16 billion as a way to break into the growing Indian e-commerce market. It marked the biggest acquisition in the retailer's history. Flipkart is planning to spin off its digital payments platform, PhonePe Pvt Ltd., into a separate entity. The stand-alone company is exploring a $1 billion capital raise at a valuation that could reach $10 billion, according to a Bloomberg report. Visit the Markets Insider homepage for more stories.

Walmart purchased Flipkart in 2018 for $16 billion as a way to break into the growing Indian e-commerce market. It marked the biggest acquisition in the retailer's history. Flipkart is planning to spin off its digital payments platform, PhonePe Pvt Ltd., into a separate entity. The stand-alone company is exploring a $1 billion capital raise at a valuation that could reach $10 billion, according to a Bloomberg report. Visit the Markets Insider homepage for more stories.

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