E-Commerce giant PhonePe and Flipkart announced a partial separation and will continue to operate under Walmart, a US-Based retail giant.
Flipkart acquired the digital payments platform PhonePe in 2016. The two businesses plotting their own paths by unlocking enterprise value for the shareholder
As part of this transaction existing, PhonePe Singapore and Flipkart Singapore shareholders, led by US-Based Walmart, have purchased shares directly in PhonePe India.
The majority shareholder of both business groups is US-Based Walmart.
By this, the move to make PhonePe a fully India Domiciled company completes this process which was started earlier this year.
The companies PhonePe and Flipkart have more than 400 million registered users and one in four Indians makes use of their services.
This new takeover will help to move their vision forward and provide billions of Indians with financial insertion.
Sameer Nigam, CEO and Founder of PhonePe, said that Flipkart and PhonePe are proud homegrown brands with a user base upwards of 400 million.
PhonePe changed its domicile from Singapore to India. It also said that it is looking forward to the next phase of its growth in UPI payments in India.
From the day of its launch, PhonePe has successfully digitized more than 35 million offline merchants, covering 99 percent of pin codes in the country.
UPI Payment app Phonepe
PhonePe is an Indian digital payment and financial technology company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015. The PhonePe app, based on the Unified Payments Interface (UPI). It is owned by Flipkart, a subsidiary of Walmart.
Using PhonePe, users can send and receive money, recharge mobile, DTH and Data cards, make utility payments, pay at shops, invest in tax-saving funds and liquid funds and buy insurance, mutual funds, gold and silver.
PhonePe is licensed by the Reserve Bank of India for issuance and operation of Semi Closed Prepaid Payment system with Authorisation Number.
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Featured image credits: Asianet News Hindi
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