PhonePe officially separates from parent company Flipkart
E-commerce giant Flipkart on Friday announced the full ownership separation of the 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.
PhonePe officially separates from Flipkart
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. “Flipkart stays committed to its purpose to empower every Indian’s dream by delivering value through innovation in technology and commerce while helping small businesses connect to pan-India markets,” he further added.
As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India.
As per a report by TechCrunch, Flipkart does not plan to re-enter the consumer payments market, now that it has separated from PhonePe. For the unversed, PhonePe had announced that it wanted to become a separate entity back in 2o20.
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, and 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.
–With inputs from IANS
The post PhonePe officially separates from parent company Flipkart appeared first on BGR India.
E-commerce giant Flipkart on Friday announced the full ownership separation of the 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.
PhonePe officially separates from Flipkart
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. “Flipkart stays committed to its purpose to empower every Indian’s dream by delivering value through innovation in technology and commerce while helping small businesses connect to pan-India markets,” he further added.
As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India.
As per a report by TechCrunch, Flipkart does not plan to re-enter the consumer payments market, now that it has separated from PhonePe. For the unversed, PhonePe had announced that it wanted to become a separate entity back in 2o20.
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, and 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.
–With inputs from IANS
The post PhonePe officially separates from parent company Flipkart appeared first on BGR India.
