Walmart Tax Payment: The headquarters of digital payment company PhonePe has been shifted to India. The headquarters of this company was earlier in Singapore. Due to the company shifting its headquarters, Walmart and other PhonePe shareholders (Walmart and PhonePe Share Holders) will have to pay a tax of $ 100 million. According to the Indian currency, about 8300 crore rupees tax will have to be paid.
According to a Bloomberg report, its value has increased due to shifting of headquarters in India, due to which the amount of tax has also increased. Walmart has majority stake in PhonePe. Because PhonePe was bought by Flipkart and Walmart has taken majority ownership after acquiring Flipkart Online Services Pvt.
American firm bought stake as soon as it shifted to India
The US-based investment firm has bought a stake in PhonePe’s headquarters shift to India. After this purchase, now the tax of Rs 8000 crore will have to be paid by the existing share holders. Fintech firm raising funding from General Atlantic, Qatar Investment Authority and others at $12 billion pre-money valuation, Bloomberg reports
PhonePe is relocating its headquarters to Bangalore, similar to online retailer and former parent company Flipkart. According to a report by India Briefing, more than 8000 Indian startups have been incorporated in Singapore since the year 2000. PhonePe has prepared a complete plan to expand its business. With PhonePe shifting to India, it is now trying to raise funds at high valuations.
PhonePe was separated from Flipkart
PhonePe was bought by Flipkart in 2016. Although the process of separating Flipkart and PhonePe was started in 2019, their parent company is still Walmart. PhonePe will develop itself as a separate unit from Flipkart.