Flipkart and PhonePe have accomplished their separation and each entities will proceed to function below US-based retail big Walmart, a joint assertion stated on Friday. PhonePe was acquired by Flipkart Group in 2016.
“As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India. This completes the move to make PhonePe a fully India domiciled company, a process that started earlier this year,” the assertion stated.
Walmart will stay the bulk shareholder of each enterprise teams.
“Flipkart and PhonePe are proud, homegrown Indian brands with a user base upwards of 400 million each. 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. This will help propel our vision to provide billions of Indians with financial inclusion,” PhonePe Founder and CEO Sameer Nigam stated.
This 12 months, PhonePe modified its domicile from Singapore to India.
Since its launch, PhonePe has efficiently digitized greater than 35 million offline retailers unfold throughout tier 2, 3, 4 cities, and past, protecting 99 % of PIN codes within the nation, the assertion stated.
“We are proud to see PhonePe grow and thrive as a successful organization in its own right. We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians,” Flipkart Group CEO Kalyan Krishnamurthy stated.
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