Phonepe Flipkart Deal: Flipkart separate from Phonepe, employees will get Rs 5600 crore! – mssewb.org

PhonePe Flipkart Seperation: Flipkart has already separated from the full ownership of PhonePe. After the completion of the commercial demerger process of the two companies, there is a possibility of profit for Flipkart employees. Kalyan Krishnamurthy, the chief executive of the company, said in an official note to the employees that the employees will receive a one-time payment due to the termination of the business relationship. Employees who have invested in Flipkart stock will get an equivalent amount of Phonepay stock. All those employees have been asked to keep all documents related to stock investment with them. Krishnamurthy said in the note that as a result of this the workers will get a chance to create one-time wealth. Necessary information in this regard will be provided to the eligible staff in time.

Flipkart’s shares have settled at $165.83 after the spin-off from PhonePe. which was previously $189.10. Earlier this included the value of payment business. The previous to current difference is $23.27. For that reason, Krishnamoorthy said, employees will be paid $43.67 per option. Since Phonepay’s share price has increased. The new valuation of the Flipkart Group after this tie-up transaction is $33 billion. Earlier it was 36.7 billion dollars. That valuation came after $3.6 billion was withdrawn from the market in 2021. But from now on PhonePe will have its own shareholding. Incidentally, shareholders of Walmart subsidiaries Flipkart Singapore and PhonePe Singapore have directly bought shares in PhonePe India. PhonePe planned an IPO in India last October to become a fully Indian company.

Earlier, in 2016, Flipkart acquired PhonePe and then in 2020, Flipkart spun off PhonePe as a separate unit. PhonePe then raised $700 million from several companies, including Walmart. This brings the company’s net worth to $5.5 billion. Walmart is currently the largest shareholder of PhonePe.

According to experts, this investment of 700 million dollars is one of the most significant investments of the last year. Because, in total, 600-700 million dollars were invested in startups last year. Which is likely to decrease further in the coming year. In that situation, reaching the height of 700 million dollars in just one investment is one of the biggest events in the business world.