After PhonePe’s breakup, Flipkart compensates its employees $700 million
Following its split from fintech company PhonePe, e-commerce giant Flipkart started paying its workers a “one-time discretionary” cash payment of $700 million on Friday.
CEO of Flipkart Group Kalyan Krishnamurthy said that the “much-awaited compensation will be made today” in an email to staff that TechCrunch obtained.
“We have exciting times ahead, and as we continue to grow across businesses, I look forward to your continued dedication and determination to bring about the future that we envision and scale new heights together,” he stated.
The article said that a Flipkart official verified the payment had been paid.
In an agreement that permitted Singapore stockholders to directly buy shares in PhonePe’s India corporation, the two businesses fully separated in December of last year.
The Flipkart Group purchased the PhonePe Group in 2016.
Along with breaking away from Flipkart, PhonePe relocated its corporate offices to India. At a pre-money value of $12 billion, General Atlantic, a top global growth equity company, provided $350 million in investment to PhonePe in January. In February, Ribbit Capital, Tiger Global, and TVS Capital Funds contributed another $100 million in primary capital to PhonePe.
