Walmart taxed $1bn after PhonePe shifts HQ to India: Report

Walmart and other shareholders of PhonePe have been reportedly taxed nearly $1 billion after the digital payments app shifted its headquarters from Singapore to India last year. Walmart became a majority shareholder in PhonePe after acquiring parent company Flipkart. However, PhonePe separated from Flipkart and is reportedly raising funds at a $12 billion pre-money valuation which led to the fine.