Flipkart, an Indian e-commerce company, does not have a stake in PhonePe, a payment firm. These companies completed a full ownership separation. Flipkart acquired PhonePe in 2016. The majority shareholder for both firms continues to be Walmart. “The Flipkart Group has developed many successful entrepreneurs and seen impactful businesses started by former employees. We are proud to see PhonePe grow and thrive as a successful organization in its own right,” said Kalyan Krishnamurthy, chief executive of Flipkart Group.
PhonePe, Bengaluru, India, was founded by Sameer Nigam (CEO), Rahul Chari (CTO), and Burzin Engineer (CRO) in 2015. PhonePe is a digital payment and fintech company. With the help of the service, PhonePe’s customers can send and receive money, recharge mobile, DTH, and data cards, invest in tax saving funds, liquid funds, buy insurance, pay in shops, make utility payments, etc. As of now, the company has three own data centers, one of which is the country’s first data center with smart cooling technology in Mumbai. PhonePe’s platform has more than 400 million users with approximately 3.6 billion transactions per month. This is 120 million transactions per day, the company plans to be prepared for 500 million daily transactions.