According to Bloomberg’s report, due to the shift of PhonePe to India and increase in the valuation of the company, such a huge tax has to be paid. Walmart has the largest stake in PhonePe, a stake it got through Flipkart when the e-commerce company bought PhonePe.
World’s largest retail chain company Walmart Got a big blow. Retail giant and India’s largest e-commerce company Flipkart (Flipkart) The owner of Walmart will have to pay tax of Rs 8,300 crore in India. this tax PhonePe is related to. Actually shifting PhonePe from Singapore to India (PhonePe shifted from Singapore to India) Due to doing so, tax has to be paid. According to Bloomberg’s report, due to the shift of PhonePe to India and increase in the valuation of the company, such a huge tax has to be paid. Walmart has the largest stake in PhonePe, a stake it got through Flipkart when the e-commerce company bought PhonePe.
This company also bought stake in PhonePe
American investment firm Tiger Global Management has also bought a stake in PhonePe. In fact, this stake in the company has been taken after shifting to India. After which the existing shareholders will have to pay tax of Rs 8,300 crore. PhonePe is raising funds from General Atlantic, Qatar Investment Authority and other investors and for this the pre-money valuation is $ 1200 million.
Understand the whole matter here
In the year 2016, PhonePe was bought by the country’s largest e-commerce company Flipkart. By the way, now both Flipkart and PhonePe have completely parted ways. The special thing is that Walmart is the parent company of both. The process of separation of both PhonePe and Flipkart companies started about 4 years ago i.e. in 2019. Now PhonePe has become a completely Indian company. PhonePe is currently trying to raise funds at high valuations. US investment firm Tiger Global Management has taken a stake in the phone. Now, due to the shift from Singapore to India and increase in valuation, a tax of Rs 8,300 crore is being created, which will have to be paid by all the shareholders of PhonePe.
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