PhonePe was acquired by Flipkart group back in 2016, and now they have decided to operate separately.
A joint statement released by the company said, Flipkart and PhonePe have completed their separation and both entities will continue to operate under US-based retail giant Walmart.
“As part of this transaction, existing Flipkart and PhonePe shareholders, led by Walmart, have purchased shares directly in PhonePe India. This completes the move to make PhonePe a fully India domiciled company, a process that started earlier this year,” the statement said.
A few months ago, PhonePe changed it’s domicile from Singapore to India ahead of its plans to launch an IPO in the country.
“Flipkart and PhonePe are proud, homegrown Indian brands with a user base upwards of 400 million each. 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. This will help propel our vision to provide billions of Indians with financial inclusion,” PhonePe Founder and CEO Sameer Nigam said.