This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ030A3_L.jpg
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.
Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly 80 billion Indian rupees ($966.13 million) for existing shareholders, Bloomberg News reported.
PhonePe, Walmart (NYSE:WMT) and Tiger Global did not immediately respond to Reuters requests for comment.
Walmart said last month it had completed the separation of PhonePe from Indian ecommerce giant Flipkart, adding that it would remain a majority stakeholder in both the companies.
($1 = 82.8050 Indian rupees)
