Walmart (NYSE: WMT) Inc. confirmed that it has already paid the Indian government nearly $1 billion in tax dues to digital payments company PhonePe, which is headquartered in the US through U.S. retailer Flipkart. It has transferred. Singapore to India.
Walmart bought a controlling stake in Indian e-commerce giant Flipkart in 2018, giving it ownership of PhonePe. The company said last month it completed the demerger of PhonePe from Flipkart and said it will continue to be the majority stakeholder in both companies.
“Walmart has already paid 78 billion rupees ($943.01 million) as capital gains tax after PhonePe investors sold their stake in the Singapore unit and invested in the Indian unit,” said a source with direct knowledge of the matter.” The case was told to Reuters.
Walmart Did Not Provide Any Further Details About The Payment.
A PhonePe spokesperson confirmed in a statement that Walmart and other investors have paid the capital gains tax bill, adding that it was the “right long-term strategy”.
Money control reported that last year PhonePe was raising funds in a round led by General Atlantic at a valuation of $12 billion. The fintech firm was last valued at around $5.5 billion in December 2020.
Bloomberg News previously reported that Walmart and other investors in PhonePe would have to pay nearly $1 billion following its domicile change.
