After the Flipkart Group’s acquisition of PhonePe in 2016, the latter company announced its separation from Flipkart Group. Additionally, the company stated that the post their separation, the entities will continue to operate under the retail brand Walmart. Moreover, Walmart will remain the majority shareholder of both business groups.
Flipkart and PhonePe are homegrown Indian brands with a user base of upwards of 400 million each, Sameer Nigam, founder and CEO, PhonePe, said. “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,” he added.
Since its launch, PhonePe has successfully digitised more than 35 million offline merchants spread across tier-2, tier-3, and tier-4 cities and beyond, covering 99 per cent of pin codes in the country, the statement said.
“We are proud to see PhonePe grow and thrive as a successful organisation in its own right,” Kalyan Krishnamurthy, CEO, Flipkart Group, stated. “We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians,” he highlighted.