PhonePe had to pay Rs 8,000 crore in taxes to come back to India: CEO
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The company said that it is estimated that it may have an accumulated loss of Rs 7,300 crore, however, it will be offset by future profits. The company, which has a valuation of more than $10 billion, said that local laws related to establishing domicile of businesses are not progressive.
New Delhi. Financial technology company PhonePe on Wednesday said it has to pay tax of Rs 8,000 crore to make India its base again. The company said that it is estimated that it may have an accumulated loss of Rs 7,300 crore, however, it will be offset by future profits. The company, which has a valuation of more than $10 billion, said that local laws related to establishing domicile of businesses are not progressive.
Sameer Nigam, co-founder and chief executive officer (CEO) of PhonePe, said during an online session that due to the current law related to the domicile of the company, the employees lost all the incentives under the ‘Employee Stock Ownership Plan (ESOP)’. Had to wash The company’s co-founder and chief technology officer Rahul Chari was also present at the event. Nigam said, “If you want to make India your domicile, then you will have to do a fresh market valuation and pay taxes.
Our investors had to pay around Rs 8,000 crore to get permission to come back to India. If a business is not fully mature, it is a big blow for it. ”He said that PhonePe was able to withstand this shock because it has long-term investors like Walmart and Tencent. PhonePe came back to India in October 2022.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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