Walmart paid most of $1 billion tax for PhonePe shifting base to India - source

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By Nandan Mandayam

BENGALURU (Reuters) -Walmart Inc has already paid the Indian government most of the nearly $1 billion in tax after digital payments company PhonePe shifted its headquarters from Singapore to India, a source with direct knowledge of the matter told Reuters.

Bloomberg News previously reported that Walmart (NYSE:WMT) and other PhonePe investors would have to pay nearly $1 billion after its domicile change.

"Walmart has already paid most of the 78 billion rupees that was incurred as a capital gains tax after PhonePe investors sold their stake in the Singapore entity and invested in the Indian entity following the domicile change," the source with direct knowledge of the matter said.

Tiger Global, an existing PhonePe investor, was not required to pay the tax, according to the source.

While PhonePe declined to comment, Walmart did not immediately respond to a Reuters request for comment.

Moneycontrol reported last year PhonePe was raising funds at a $12 billion valuation in a round led by General Atlantic. The fintech firm was last valued at about $5.5 billion in December 2020.

Walmart said last month it had completed the separation of PhonePe from Indian ecommerce giant Flipkart, adding that it would remain a majority stakeholder in both the companies.

($1 = 82.7530 Indian rupees)