Walmart gets $1 billion in tax bill for shifting PhonePe base to India: Report
PhonePe will be headquartered in Bengaluru
Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter.
ALSO READ |Walmart buys Flipkart for $16 billion
Arkansas-based multinational retail chain Walmart Inc. took majority ownership of PhonePe after acquiring its parent company Flipkart Online Services in 2018.
PhonePe eyes $12 billion pre-money valuation
PhonePe is now separated from Flipkart and has been re-domiciled from Singapore to India. A Bloomberg report claimed that the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others.
PhonePe is shifting its headquarters to Bengaluru, similar to online retailer and former parent company Flipkart.
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But isn't PhonePe India's homegrown fintech company?
Technology companies with most of their operational assets and business in India have incorporated themselves in Singapore instead of India because of a far more friendlier tax regime, ease of attracting foreign investments and simpler processes for debuts on foreign exchanges.
A report by India Briefing states that over 8,000 Indian startups have incorporated themselves in Singapore since 2000.
PhonePe's stock market listing on cards?
PhonePe is currently executing three significant moves, necessary if it has to list itself for a public offering in the Indian stock market. They include: relocating to India, carving itself out as a separate entity from Flipkart, and raising funds at a high valuation.
WATCH |India@75: World's 3rd largest startup ecosystem
India has over 26,000 startups making it the world's third-largest startup ecosystem according to the Asian Development Bank, and at last count over 100 of these were valued at $1 billion, making them unicorns.
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