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Walmart Gets $1 Billion Tax Bill For Shifting PhonePe To India

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Walmart, along with other PhonePe shareholders, will need to pay more than $1 billion in taxes,

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The digital payments company relocated the headquarters of its business to India.

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The cost comes from the relocation of PhonePe. and the growth in the price for PhonePe.

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Walmart has taken over majority ownership following the acquisition of parent company Flipkart online services Pvt.

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The company is now split from Flipkart and relocated from Singapore to India.

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The fintech company is seeking funds with a 12 billion pre-money value from General Atlantic, Qatar Investment Authority and others.

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Investors, including Tiger Global Management, have now bought parts of PhonePe from India at a new price.

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Tax consequences of about 80 billion rupees to existing shareholders.

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PhonePe is moving the headquarters of its company to Bangalore, as does the online retailer and its former owner Flipkart.

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It's a rare step for an Indian startup to move to its home country.

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More than 8000 Indian companies have registered in Singapore in the last decade.

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