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PhonePe Seperation Official : Online payments firm to be India-Domiciled now

by Entrepreneur Ethics
January 3, 2023
in National
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PhonePe Seperation Official : Online payments firm to be India-Domiciled now
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Flipkart an ecommerce major, acquired phonepay in 2016, both firms stated together in a statement that they have fully separated their ownership from the digital payments platform. And this would allow both companies to establish themselves as individual entities which will help them chart their growth.

A 3 year old process started by the existing shareholders which brought them closer was in flipkart Singapore and phonepe Sigapore , led by Walmart, they have purchased shares directly in Phonepe India. In 2018, Phonepe was a part of flipkart group at that time when Walmart had acquired 77% in flipkart for $16 billion.

As a part of phonepe’s latest funding round ET confirmed on 29th November that flipkart will facilitate a $700 milliom Esop buyback.

DEAL DETAILS –  the existing shareholders and employees have the option of either reinvesting in latest phonepe round or in selling shares in the secondary transactions which also means that as part of a secondary share sale component investors like Accel, tiger, global are likely to cash out in phonepe’s funding round. Even the people aware of the matter said that the exact tax outgo amount is yet to be finalized but would be significant to the exchequer.And as a new entity, earlier owing 87% in phonepe will no longer own any stake in this state, phonepe India.

Also Read :- Uber has become a victim of data breach – Rajat Kumar

NO MANAGEMENT CHANGE- even during or as part of the separation CEO of the company exclaimed through by sending a note to the company employees, that there will be no change in the flipkart management.

And in December 2020, they have announced the full separation of flipkart and phonepe and from that point there independent growth of both will start accordingly. Also, they will start creating opportunities and also their valuations will be readjusted. For flipkart, the fashion platform myntra and travel booking platform will continue to house as ecommerce major. Whereas, as a relief phonpe does not have to scale down their operations as a decision extended by the National payment Corporation of India.

PHONEPE’s FLIP TO INDIA- phonepe as a company had moved all the businesses and subsidiaries of phonepe Singapore to phonepe Pvt Ltd – India directly. It is also said that they have basically completed the process of moving base to India.

Separating their businesses will help them create new opportunities and bring in new investors as being two different entities.

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Tags: indiaPhonePePhonePe Seperation
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