E-commerce giant Flipkart on Friday announced the complete separation of ownership of digital payment platform PhonePe.
Published Date – Fri, 12/23/22 at 01:32pm
Bangalore: E-commerce giant Flipkart on Friday announced the complete separation of ownership of digital payment platform PhonePe.
Following the partial separation announced in December 2020, Flipkart and PhonePe are now established as separate entities, the company said in a statement.
PhonePe Group was acquired by Flipkart Group in 2016.
Kalyan Krishnamurthy, CEO, Flipkart Group said, “We believe that PhonePe will continue to scale and realize its vision of bringing financial inclusion to millions of Indians.”
As part of the deal, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, bought a stake in PhonePe India outright.
This completes the move to make PhonePe a fully Indian-incorporated company, a process that began earlier this year, the company said.
Walmart will remain the majority owner of both business groups.
With over 400 million registered users, over a quarter of Indians are now using PhonePe.
Since its launch, PhonePe has digitized over 35 million offline merchants across Tier 2, 3, 4 and other cities.
“We look forward to the next phase of growth as we invest in new businesses – such as insurance, wealth management and lending, while also bringing the next wave of growth for UPI payments in India,” said Founder and CEO Sameer Nigam . PhonePe.
