PhonePe support: PhonePe changed its domicile from Singapore to India this year
Flipkart, PhonePe Complete Separation, Both Entities to Continue Operation under Wal-Mart
PhonePe support: PhonePe completes separation from parent firm Flipkart; to be India-domiciled now.
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Flipkart and PhonePe have completed their separation and are ready to operate under the US based giant retail market Wal-Mart.
PhonePe was acquired by Flipkart in 2016. “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 company, a process that started earlier this year,” the statement said.
It is much clear from the statement that WalMart will remain the majority shareholder of both business groups.
Financial Inclusion
“Flipkart and PhonePe are proud; home based Indian brands with a user base upwards of 400 million each. 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. This will help drive our vision to provide billions of Indians with financial inclusion,” PhonePe Founder and CEO Sameer Nigam said.
Moreover, PhonePe changed its domicile from Singapore to India. After the successful launch, PhonePe has digitized more than 35 million offline merchants spread across tier 2, 3, 4 cities, and beyond, covering 99% of PIN codes in the country, the statement said.
Official Statement
Flipkart Group CEO Kalyan Krishnamurthy in an official statement said that “We are proud to see PhonePe grow and thrive as a successful organization in its own right. We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians.”
Conclusion
To conclude, PhonePe is proud to rise and grow in financial sector with its own rights and terms.
