Flipkart today announced the complete ownership separation of the online payments platform PhonePe. Flipkart acquired PhonePe in 2016.
Following the partial split announced in December 2020, Flipkart and PhonePe are now established as independent entities, Flipkart said in a statement.
“We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians,” said Kalyan Krishnamurthy, CEO of Flipkart Group.
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 business, a process that started earlier this year, said the company.
Walmart will remain the majority shareholder of both company groups.
With over 400 million registered users, more than one in four Indians are now using PhonePe.
Since its launch, PhonePe has digitized more than 35 million offline merchants across the country.
“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,” said Sameer Nigam, Founder and CEO at PhonePe.
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