Why did PhonePe fully separates from parent company Flipkart?

Flipkart, an e-commerce giant, has announced the full ownership separation of the digital payment's platform Following the partial separation which was announced in December 2020, Flipkart and PhonePe are now established as separate entities, the company said in a statement.
The Group was acquired by the Flipkart Group in 2016.

"We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians," said Kalyan Krishnamurthy, CEO of Flipkart Group.

As part of this transaction, existing Flipkart Singapore and Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India.

This completes the move to make a fully India domiciled company, a process that started earlier this year, said the company.

Walmart will remain the majority shareholder of both business groups.
With over 400 million registered users, more than one in four Indians are now using PhonePe.

Since its launch, PhonePe has digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond.

"We are looking forward to the next phase of our growth as we invest in new businesses -- like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India," said Sameer Nigam, Founder and CEO at PhonePe.
wouldn't want to talk about this publicly, but the motivation here is purely personal. A few years ago, my mother died of hypertension caused by being overweight. Everything seemed fine, but then she had a sudden hit in the dream and died painfully. My grandmother died the same way. Then I explored the problems associated with being overweight and ways to solve them. I was surprised to find that diets, exercises, and pills weren't working for my mom. For 5 years she used the same tricks that everyone uses to lose weight and it was very disappointing for her to see that time passed but nothing improved in her physical appearance or her well-being.
the last three years, I have completely immersed myself in this topic. In fact, writing a thesis, a new method of getting rid of being overweight appeared that everyone is talking about now. I realized I found something new. But I couldn't even think that it would any of interest to different institutions.
Nita: As soon as the posts about my method appeared, I immediately started receiving several offers to sell my idea. The first to contact me was the French people and they offered a lot of money. The last people who contacted me were the Americans, who wanted to buy my formula for even more money (the amounts have not been disclosed). I changed my phone number and I don't use social networks because every day I receive proposals through all communication channels.
. It may sound a bit harsh, but I did not create the formula to make money with it. What will it be if I sell the formula? They will obtain a patent, prohibit production to others and raise the price of the drug. Maybe I am young, but I am not an idiot. In this case, the people of India will not be able to solve the problems associated with being overweight. One of the foreign doctors told me that such a drug in drug in India must cost 10 times as much as we sell it now. But it is not fair! Who in India can buy it for 40000 ₹? So when I received an offer from the state to participate in the development of a national product, I immediately accepted it. We work with the best specialists.