New Delhi, 4/1: 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, Bloomberg News reported on Wednesday, citing people familiar with the matter.
PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others, triggering the hefty charge, according to the report.
The fintech firm was last valued at around $5.5 billion in December 2020, based on multiple media reports.
Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly Rs 8,000 crore for existing shareholders, Bloomberg News reported.