Walmart takes ownership of PhonePe from Flipkart

Walmart takes ownership of PhonePe from Flipkart

Flipkart has transferred its stake in PhonePe to its parent Walmart as part of the United States retail giant to separate the 2 businesses. As part of this transaction, present Flipkart Singapore and PhonePe Singapore shareholders, led by way of Walmart, have purchased stocks without delay in PhonePe India.

In 2016, Flipkart acquired PhonePe, then a startup floated by the e-trade company’s former personnel, for $20 million. The stake switch to Walmart completes the flow to make PhonePe a fully India-domiciled company from a Singapore-based one.

The separation manner started in December 2020 while Walmart invested directly in PhonePe. The December 2020 funding round was for $seven hundred million and led by way of Walmart. Walmart plans to fund but every other spherical so that it will fee the price company at over $12 billion.

PhonePe has the largest proportion of the transactions at the unified payment interface platform, with more than one in four Indians the usage of the app. Since its launch, PhonePe has onboarded over 35 million offline traders spread across tier-2, -three, and -4 towns and beyond, covering ninety nine% of pincodes within the u . S . A ..

“We are searching ahead to the next segment of our increase as we invest in new corporations whilst allowing the subsequent wave of increase for UPI bills in India. This will help propel our imaginative and prescient to offer billions of Indians with economic inclusion,” stated Sameer Nigam, founder and CEO, PhonePe.

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