The separation of Walmart-owned E-commerce platform Flipkart and the Indian digital payments and financial technology company PhonePe has been in talks for many years. While in 2020 PhonePe has already been declared as a separate entity by Flipkart. Now at last there has been news that both the most valued fintech start-ups in India have been completely separated from each other.
Today both firms gave a joint statement that this move will help then investors and also open up new options for them to engage in the Indian digital ecosystem. Along with this, it would also help both companies in maximizing their values for shareholders.
This will also turn PhonePe into a completely Indian-domiciled company.
In an interview with CNN News18 in June Sameer Nigam, the co-founder and CEO of PhonePe said that the business is in the process of transferring its registered corporation from Singapore to India. He had claimed that the idea had already received board approval and that the process’ completion was just a question of time.
Previously in October PhonePe made a big step by changing the registered location of the company from Singapore to India. He also added that PhonePe offices, data centers, and staff is present in India and there is no reason for them not to help in enhancing its market.
