Flipkart pays $700 mn to workers after PhonePe split
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.
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.
✔️ Flipkart pays $700 mn to workers after PhonePe split
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