Walmart Gets $1 Billion Tax Bill for PhonePe Shift to India
A PhonePe employee works at the company's headquarters in Bengaluru, India.
Photographer: Samyukta Lakshmi/BloombergThis article is for subscribers only.
Walmart Inc. and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India, according to people familiar with the matter.
The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt. Now separated from Flipkart and re-domiciled from Singapore to India, the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others, triggering the hefty charge, the people said, declining to be named discussing a private matter.