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 :
“Walmart has already paid most of the Rs. 7,800 crore billion that was incurred as a capital gains tax after PhonePe investors sold their stake in the Singapore entity and invested in the Indian entity following the domicile change,”.
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 :
“As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India. This completes the move to make PhonePe a fully India-domicile company, a process that started earlier this year,”.
