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Shillong, July 14: E-commerce giant Flipkart has initiated a “one-time discretionary” cash payment of $700 million to its employees after separating from fintech firm PhonePe.
According to an email from Flipkart Group CEO Kalyan Krishnamurthy, the long-awaited compensation is being disbursed to employees. Krishnamurthy expressed enthusiasm for the future and urged employees to continue their dedication and determination to achieve the company’s vision.
A Flipkart spokesperson confirmed that the payout has been made, as reported.
In December of the previous year, Flipkart and PhonePe completed a full ownership separation, enabling Singapore shareholders to directly purchase shares in PhonePe’s India entity. Flipkart Group acquired PhonePe in 2016.
Along with the separation from Flipkart, PhonePe relocated its headquarters to India. In January, PhonePe raised $350 million in funding from General Atlantic, a prominent global growth equity firm, at a pre-money valuation of $12 billion. Additionally, in February, PhonePe secured another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds.