BENGALURU: Walmart Inc has already paid the Indian government most of the nearly $1 billion in tax after digital payments company PhonePe shifted its headquarters from Singapore to India, a source with direct knowledge of the matter told Reuters.

Bloomberg News previously reported that Walmart and other PhonePe investors would have to pay nearly $1 billion after its domicile change.

“Walmart has already paid most of the 78 billion rupees that was incurred as a capital gains tax after PhonePe investors sold their stake in the Singapore entity and invested in the Indian entity following the domicile change,” the source with direct knowledge of the matter said.

Tiger Global, an existing PhonePe investor, was not required to pay the tax, according to the source.

While PhonePe declined to comment, Walmart did not immediately respond to a Reuters request for comment.

Moneycontrol reported last year PhonePe was raising funds at a $12 billion valuation in a round led by General Atlantic. The fintech firm was last valued at about $5.5 billion in December 2020.