$1 billion tax slap on PhonePe

Walmart Inc and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India, Bloomberg News reported on Wednesday, citing people familiar with the matter.

PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others, triggering the hefty charge, according to the report.

The fintech firm was last valued at around $5.5 billion in December 2020, based on multiple media reports.