PhonePe completes separation from Flipkart

New Delhi, December 23

Flipkart and PhonePe have completed their separation and both entities will continue to operate under US-based retail giant Walmart, a joint statement said on Friday.

PhonePe was acquired by the Flipkart Group 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.

Walmart will remain the majority shareholder of both business groups.

“Flipkart and PhonePe are proud, homegrown 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 propel our vision to provide billions of Indians with financial inclusion,” PhonePe Founder and CEO Sameer Nigam said.

This year, PhonePe changed its domicile from Singapore to India.