Morning Tidings

Tag: Ownership

  • PhonePe Announces Full Ownership, Separates From Parent Company Flipkart

    PhonePe Announces Full Ownership, Separates From Parent Company Flipkart

    Bengaluru, December 23: E-commerce giant Flipkart on Friday announced the full ownership separation of digital payments platform PhonePe.

    Following the partial separation announced in December 2020, Flipkart and PhonePe are now established as separate entities, the company said in a statement. The PhonePe Group was acquired by the Flipkart Group in 2016. PhonePe Becomes First Player To Enable UPI Activation With Aadhaar-Based OTP Authentication.

    “We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians,” said Kalyan Krishnamurthy, CEO of Flipkart Group.

    As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart, have purchased shares directly in PhonePe India. This completes the move to make PhonePe a fully India domiciled company, a process that started earlier this year, said the company. PhonePe Launches Online Dispute Resolution Feature for UPI.

    Walmart will remain the majority shareholder of both business groups. With over 400 million registered users, more than one in four Indians are now using PhonePe. Since its launch, PhonePe has digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond.

    “We are looking forward to the next phase of our growth as we invest in new businesses — like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India,” said Sameer Nigam, Founder and CEO at PhonePe.

    (The above story first appeared on Morning Tidings on Dec 23, 2022 12:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • McDonald’s Restaurants Reopen Under New Branding and Ownership in Russia, Fast-Food Lovers Rejoice; Watch Video

    Sunday marks a new dawn for Russia’s fast-food lovers as former McDonald’s restaurants reopen under new branding and ownership,  more than three decades after the arrival of the hugely popular Western chain. The new logo represents a pair of fries and a burger patty. The reopening will have 15 locations in and around Moscow. The US-based multinational fast food company first opened in Mocow in January 2020 and has expanded in number of stores across the country. The food giant owns around 850 restaurants owned directly by the company in Russia.

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