“As part of this transaction, existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, directly purchased shares in PhonePe India. This completes the move to make PhonePe a fully Indian resident company, a process that began earlier this year,” the statement said.
Walmart will remain the majority shareholder of both business groups.
“Flipkart and PhonePe are proud, homegrown Indian brands with over 400 million users. We look forward to the next phase of our growth as we invest in new businesses – such as insurance, wealth management and lending, as well as growth for UPI payments in India to enable The next wave. It will help drive our vision to provide financial inclusion to billions of Indians,” said Sameer Nigam, Founder and CEO, PhoneP.
This year, PhonePe shifted its domicile from Singapore to India.
Since its launch, PhonePe has successfully digitized over 35 million offline merchants spread across Tier 2, 3, 4 cities and beyond, covering 99 percent of the country’s pin codes, the statement said.
Kalyan Krishnamurthy, CEO, Flipkart Group, said, “We are proud to see PhonePe grow into a successful company in its own right. We are confident that PhonePe will continue to scale and achieve its goal of providing financial inclusion to millions of Indians.”
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