PhonePe fully separates from parent company Flipkart

by IANS |

Bengaluru, Dec 23 (IANS) E-commerce giant Flipkart on Friday announced the full ownership separation of digital payments 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.

The PhonePe Group was acquired by the Flipkart Group in 2016.

"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 company, a process that started earlier this year, said the company.

Walmart will remain the majority shareholder of both business groups.

With over 400 million registered users, more than one in four Indians are now using PhonePe.

Since its launch, PhonePe has digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond.

"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.

Latest News
Zerodha CEO Nithin Kamath suffers mild stroke, on path to recovery Mon, Feb 26, 2024, 04:26 PM
Foundation of media should be based solely on truth: Yogi Adityanath Mon, Feb 26, 2024, 04:19 PM
Got to give so much credit to Bashir and Hartley; future looks bright: Stokes Mon, Feb 26, 2024, 04:15 PM
J&K: Sajad Lone to contest from Baramulla LS seat Mon, Feb 26, 2024, 03:57 PM
Got to give so much credit to Bashir and Hartley; future looks bright: Stokes Mon, Feb 26, 2024, 03:43 PM
Congress cry in political wilderness of J&K Mon, Feb 26, 2024, 03:40 PM
4th Test: Whatever the situation demands, I want to do that, says Dhruv Jurel Mon, Feb 26, 2024, 03:16 PM
PM Modi to inaugurate projects worth Rs 1,800cr in Kerala on Feb 27 Mon, Feb 26, 2024, 03:07 PM
PM Modi to review Gaganyaan progress, inaugurate three ISRO facilities on Tuesday Mon, Feb 26, 2024, 03:00 PM
Truecaller launches AI-powered call recording for iOS, Android users in India Mon, Feb 26, 2024, 02:59 PM
Indian Deaf Cricket team gears up for DICC T20 World Cup 2024 in Sharjah Mon, Feb 26, 2024, 02:07 PM
4th Test: Gill & Jurel steer India to series victory with hard-fought five-wicket win over England Mon, Feb 26, 2024, 02:00 PM
4th Test: India beat England by 5 wickets in Ranchi Test, seal series Mon, Feb 26, 2024, 01:52 PM
Over 45.8 mn children to receive polio vaccination in Pakistan: Health Ministry Mon, Feb 26, 2024, 12:53 PM
4th Test: Jaiswal levels Kohli for most runs by Indian batters in home series Mon, Feb 26, 2024, 12:49 PM