Indian e-commerce giant 

Flipkart

 acquired 

PhonePe

 in 2016 and moved the payments firm's entire base to the country from Singapore. Now, both companies have confirmed that Flipkart no longer owns a stake in PhonePe. Both companies have now announced the completion of the full ownership separation of PhonePe. Moreover, the shareholders in the Singapore entities of both companies have also directly purchased the shares in PhonePe’s India entity. It is important to note that the US-based retail chain Walmart still continues to be 

According to a report by TechCrunch, the chief executive of Flipkart Group 

Kalyan Krishnamurthy

 has said in a statement that the company wants PhonePe to “grow and thrive as a successful organisation in its own right.”. Recently, he also sent an email to the company’s staff to mention that employees with stock option plans will receive a “one-time discretionary cash payout as part of the transaction” with PhonePe. Flipkart will be buying back shares worth nearly $700 million. According to a report by The Economic Times, the employee stock ownership plan (ESOP) buyback will be the largest in the Indian startup ecosystem.