• Upwards of 400 million Indians are reportedly users of Flipkart and PhonePe.
• Walmart will continue to have a majority stake in both company organisations.
• More than 35 million offline businesses have been effectively digitalized by PhonePe.

In a joint statement on Friday, Flipkart and PhonePe announced that their split was complete and that both companies would continue to function under the US-based retailer Walmart. In 2016, Flipkart Group purchased PhonePe. 'As part of this transaction, existing shareholders of Flipkart Singapore and PhonePe Singapore, backed by Walmart, directly purchased shares of PhonePe India. 

As a result, PhonePe is now completely an Indian-domiciled corporation, completing a process that began earlier this year 'added the statement. The largest shareholder in both corporate organisations will continue to be Walmart. 'Both Flipkart and PhonePe are proudly made in India and have user bases of more than 400 million apiece.

 We are excited for the following stage of our development as we invest in new companies such as financing, insurance, and wealth management while also enabling the following expansion of UPI payments in India. This will assist forward our mission of bringing financial inclusion to billions of Indians 'Sameer Nigam, the CEO and founder of PhonePe, stated.

 PhonePe moved its headquarters from Singapore to India this year. According to the statement, PhonePe has successfully digitalized more than 35 million offline businesses located in tier 2, tier 3, tier 4, and beyond since its launch, covering 99 percent of PIN codes nationwide.

 'We are happy to witness PhonePe develop and prosper as a stand-alone prosperous business. We have faith that PhonePe will expand and realise its goal of enabling financial inclusion for millions of Indians 'Kalyan Krishnamurthy, CEO of the Flipkart Group, stated.