New Delhi, 23 December: Digital payments platform PhonePe has completed the process of separation from e-commerce company Flipkart. However, both companies will continue to operate under the US-based retail company Walmart. PhonePe was acquired by Flipkart Group in 2016.
In a transaction led by Walmart, the existing shareholders of Flipkart Singapore and PhonePe Singapore have directly purchased shares in PhonePe India, the companies said in a joint statement on Friday. After this PhonePe has completely become an Indian company. The beginning of this process started this year.
Sameer Nigam, Founder and CEO of, PhonePe said that Flipkart and PhonePe are big Indian brands. The number of customers of both companies is more than 400 million. We are investing in insurance, asset management and lending businesses to drive further growth. However, Walmart will remain the majority shareholder of both business groups.
It is noteworthy that PhonePe shifted its domicile from Singapore to India this year. More than 35 million merchants have joined PhonePe since its launch. The business of the company is spread across Tier 1,2,3 and 4 cities. The company covers 99% pin codes of the country.
