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, according to people familiar with the matter.
The bill stems from the relocation and rise in value of PhonePe, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services.
The Mumbai-headquartered company’s 10-minute delivery promise has spurred rivals like Google-backed Dunzo, SoftBank Group Corp-backed Blinkit and Naspers, backed Swiggy.