Walmart confirm that it had already paid the Indian government most of the nearly $1 billion (approx. Rs. 8,300 crore) in tax owe after digital payments company PhonePe, which the US retailer owns through Flipkart, shift its headquarters from Singapore to India.
Walmart bought a controlling stake in Indian e-commerce giant Flipkart in 2018, giving it ownership of PhonePe.
The Walmart said last month it had complete the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies.
As per sources :
Tiger Global, an existing PhonePe investor, was not require to pay the tax, as per source.
Walmart did not give any other details on the payment.
In December 2022, it was reported that Flipkart and PhonePe had complete their separation and both entities would continue to operate under Walmart.
Walmart Said at that time :