On Friday, the world's largest online retailer Flipkart disclosed the complete ownership separation of the digital payments service PhonePe.
Flipkart and PhonePe are now established as separate entities as a result of the partial separation announced in December 2020, the company said in a statement.
The PhonePe Group 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.
Walmart will remain the majority shareholder of both business groups.
About PhonePe
This completes PhonePe's transition to a fully Indian-domiciled company, which began earlier this year, according to the company.
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.
The CEOs comment
"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.
"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.
With inputs from Agencies.
