E-commerce major Flipkart on Friday began a “one-time discretionary” cash payment of $700 million to employees following its separation from fintech firm PhonePe.
In an email to employees seen by TechCrunch, Flipkart Group chief executive Kalyan Krishnamurthy said the “much-awaited compensation will be made today”.
“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 added.
E-commerce is revolutionizing the way we all shop in India. Why do you want to hop from one store to another in search of the latest phone when you can find it on the Internet in a single click? Not only mobiles. Flipkart houses everything you can possibly imagine, from trending electronics like laptops, tablets, smartphones, and mobile accessories. To in-vogue fashion staples like shoes, clothing and lifestyle accessories from modern. Furniture like sofa sets, dining tables, and wardrobes to appliances
Moreover, a Flipkart spokesperson confirmed that the payout had been made, the report said.
In December last year, the two firms completed a full ownership separation. In a deal that allowed Singapore shareholders to purchase shares directly in PhonePe’s India entity.
The PhonePe Group was acquired by the Flipkart Group in 2016.
Besides separating from Flipkart, PhonePe moved its headquarters to India. In January, PhonePe raised $350 million in funding from General Atlantic, a leading global growth. Equity firm, at a pre-money valuation of $12 billion, while in February PhonePe raised another $100 million in primary capital. From Ribbit Capital, Tiger Global, and TVS Capital Funds.