Flipkart And PhonePe Part Ways Officially Ater Six Long Years

   2022-12-23 10:12

In a joint statement, both PhonePe and its parent company, the e-commerce giant Flipkart, confirmed that PhonePe had split from the fintech startup. The announcement of PhonePe’s complete ownership split. With Walmart continuing to own a controlling share in both businesses, they will continue to operate as independent legal organizations.

“As part of this deal, current owners of Flipkart Singapore and PhonePe Singapore, led by Walmart, have bought shares in PhonePe India directly. This completes a process that began earlier this year to convert PhonePe to an entirely Indian firm, according to the statement.



SEE ALSO: OnePlus Officially Reveals The New Buds Pro 2; The Stem Design Takes The Cake

Sameer Nigam, Rahul Chari, and Burzin Engineer, ex-executives of Flipkart, launched PhonePe, which was later bought by the company and started by Sachin and Binny Bansal in 2016. Walmart purchased Flipkart in 2018; PhonePe was also acquired as part of the deal. After NGPay and FX Mart Pvt. Ltd, the digital payments startup was Flipkart’s third significant purchase in the industry at the time.

The CEO of the Flipkart Group, Kalyan Krishnamurthy, commented on this event by saying, “The Flipkart Group has produced a number of successful entrepreneurs and seen significant firms founded by former workers. We are pleased to witness PhonePe’s expansion and success as a stand-alone, prosperous business.

SEE ALSO: World’s Top YouTuber Asks For New Twitter CEO Position; Elon Musk Gives A Hilarious Reply

Sameer Nigam, the founder, and CEO of PhonePe stated that the firm is excited about the next stage of its development and is also seeking to engage in business prospects in the insurance, lending, and wealth management verticals. This will further our goal of bringing financial inclusion to billions of Indians, he added. When its main operations become profitable, which it aims to do by 2023, the fintech giant plans to go public, according to a few investment banking sources who talked to PTI.


Original Source



Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34

Warning: array_key_exists() expects parameter 2 to be array, null given in /home/coinbloc/public_html/wp-content/plugins/virtual_coin_widgets/includes/data.php on line 34
CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %
Ethereum1,620.8 0.10 % 3.40 % 3.04 %
Tether1.000 0.04 % 0.02 % 0.06 %
BNB326.88 0.04 % 0.86 % 6.84 %
USD Coin1.000 0.02 % 0.01 % 0.02 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %