138 Flipkart and PhonePe have completed their separation and both entities will continue to operate under US-based retail giant Walmart. PhonePe was acquired by Flipkart Group in 2016. “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 domiciled company, a process that started earlier this year,” the statement said. Walmart will remain the majority shareholder of both business groups. “Flipkart and PhonePe are proud, homegrown Indian brands with a user base upwards of 400 million each. We are looking forward to the next phase of our growth as we invest in new businesses like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” PhonePe Founder and CEO Sameer Nigam said. You Might Be Interested In Crypto Traders Double Down as FTX Customers Recover Losses Costco Raises Membership Fees for First Time in Seven Years M&S Shares Shine with a 56% Surge in Pre-tax Profits Citigroup Initiates Major Overhaul, Eliminating Over 300 Senior Management Roles Micron’s Automotive-Grade Solutions to Power AI in Qualcomm Automotive Platforms Marriott International and Delonix Group Forge Strategic Alliance