PhonePe officially separates from parent company Flipkart

By Team Newsable | First Published Dec 23, 2022, 12:27 PM IST

The chief executive officer of the Flipkart Group, Kalyan Krishnamurthy, said, "We are confident that PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians." In 2016, the PhonePe Group was acquired by the Flipkart Group.

The world's largest online retailer Flipkart announced the complete ownership separation of the payments platform PhonePe, on Friday, December 23, 2022.

In its statement, the company said that Flipkart and PhonePe are now established as separate entities following the partial separation announced in December 2020.

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The CEO of Flipkart Group, Kalyan Krishnamurthy, said, "We are confident that PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians." In 2016, the PhonePe Group was acquired by the Flipkart Group.

Existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have bought shares in PhonePe India as part of this transaction.

According to the company, this completes a process that began earlier this year to make PhonePe a fully Indian-domiciled company. Walmart will continue to hold a majority stake in both business groups.

More than one in four Indians are now using PhonePe, which has more than 400 million registered users.

PhonePe has digitised over 35 million offline merchants across tier 2, 3, 4, and beyond since its launch.

PhonePe's Founder and CEO, Sameer Nigam, said, "We are excited about the next phase of our growth as we invest in new businesses, including insurance, wealth management, and lending, while also enabling the next wave of growth for UPI payments in India."

Also read: Indian digital payments industry likely to triple to $10 trillion by 2026: Report

Also read: PhonePe receives 1 million UPI autopay mandates in 3 months

Also read: Flipkart announces its metaverse, launches Flipverse for new virtual shopping experience

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