Flipkart, an online retailer, no longer owns a stake in PhonePe, a payments startup. The two businesses disclosed on Friday that they had entirely separated their ownership of PhonePe and that investors in their Singapore-based businesses had directly purchased shares of PhonePe’s Indian subsidiary. As PhonePe, which Flipkart acquired in 2016, moves its whole base to India, the transformation takes place. The payments firm is in discussions to raise up to $1.5 billion at a pre-money valuation of $12 billion and utilise some of the proceeds to buy back some shares, claims a source with knowledge of the matter. Walmart continues to be the largest shareholder in both businesses.