Flipkart, PhonePe Complete Separation, Both Entities to Continue Operation Under Walmart

PhonePe was acquired by Flipkart Group in 2016.

By Press Trust of India | Updated: 23 December 2022 12:42 IST

Flipkart, PhonePe Complete Separation, Both Entities to Continue Operation Under Walmart

Photo Credit: Reuters

PhonePe changed its domicile from Singapore to India this year.

Highlights

Flipkart, PhonePe said to have Indian user base upwards of 400 million
Walmart will remain the majority shareholder of both business groups
PhonePe has successfully digitized more than 35 million offline merchants

Flipkart and PhonePe have completed their separation and both entities will continue to operate under US-based retail giant Walmart, a joint statement said 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 statement said.

Walmart will remain the majority shareholder of both business groups.

Delhi Police Question Flipkart Officials Over Sale of Acid Despite Ban

"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 said.

This year, PhonePe changed its domicile from Singapore to India.

Since its launch, PhonePe has successfully digitized more than 35 million offline merchants spread across tier 2, 3, 4 cities, and beyond, covering 99 percent of PIN codes in the country, the statement said.

Parliamentary Panel Moots Digital Competition Act to Rein in Big Tech

"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 said.

Where did Realme go wrong with the 10 Pro+ 5G? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.