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PhonePe shareholders are expected to pay $1 billion in taxes to the Indian Government

PhonePe owners would be required to pay $1 billion in taxes to the Indian government as a result of the company’s decision to move its headquarters to India.

According to sources cited by Bloomberg, Walmart and other PhonePe stockholders will be required to pay the money because of relocation concerns and an increase in PhonePe’s valuation. The digital payments business, which has a $12 billion pre-money valuation, is backed by investments from General Atlantic, Qatar Investment Authority, and other stakeholders. Last month, Flipkart separated its digital payments platform into a new company.

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