BENGALURU (Reuters) – Walmart (WMT.N) has already paid about $1 billion in taxes to the Indian government after Fonpe moved its headquarters from Singapore to India. told Reuters.
Bloomberg News previously reported that Walmart and other PhonePe investors would have to pay about $1 billion after the change of address.
“Walmart has already paid most of the Rs 78 billion in capital gains tax incurred by PhonePe investors after they sold their shares in the Singapore entity and invested in the Indian entity after the change of address,” it said. a source said. .
Existing PhonePe investors, Tiger Global, did not have to pay taxes, according to sources.
PhonePe declined to comment, and Walmart did not immediately respond to Reuters’ request for comment.
Moneycontrol reported last year that PhonePe had raised a valuation of $12 billion in a round led by General Atlantic. Fintech companies were valued at around $5.5 billion in December 2020.
Walmart said last month it had completed the separation of PhonePe from Indian e-commerce giant Flipkart, adding that it would remain a majority shareholder in both companies.
($1 = 82.7530 Indian Rupees)
Reported by Nandan Mandayam, Bangalore. Editing by Shounak Dasgupta
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