Flipkart and PhonePe have finalized their split and both companies will continue to operate under US retail giant Walmart, a joint statement said Friday.
PhonePe was acquired by Flipkart Group in 2016.
“Existing as part of this transaction flip card Singapore shareholders and PhonePe Singapore, led by Walmart, directly acquired shares in PhonePe India. This completes the move to make PhonePe a fully India-based company, a process that began earlier this year,” the statement said.
Walmart remains the controlling shareholder of both groups of companies.
“Flipkart and PhonePe are proud native Indian brands with a user base of over 400 million each. We look forward to the next phase of our growth as we invest in new businesses – such as insurance, wealth management and lending, while enabling the next wave of growth for UPI payments in India. This will help advance our vision of bringing financial inclusion to billions of Indians,” said Sameer Nigam, Founder and CEO of PhonePe.
This year, PhonePe moved its headquarters from Singapore to India.
Since its launch, PhonePe has successfully digitized more than 35 million offline merchants spread across Tier 2, 3, 4 cities and beyond, covering 99 percent of PIN codes in the country, the statement said.
“We are proud that PhonePe is growing and thriving as an independent, successful company. We are confident that PhonePe will continue to scale and realize its vision of bringing financial inclusion to millions of Indians,” said Kalyan Krishnamurthy, CEO of Flipkart Group.
