The co-founders of PhonePe, Sameer Nigam then Rahul Chari, are expected to receive discrete cash payouts of $20-25 million by completely settling their stock options in erstwhile parent company Flipkart, rendering people aware of the development.
This scripts one of the biggest gains from the divestment of employee stock selections stemming from the recent leave-taking of the digital payment major from the Flipkart group.
The transactions stayed part of the “one-time discretionary cash payout” arising since the separation — publicized on December 23 — as well as from the ongoing subsidy round of PhonePe, where employees of the e-commerce firm have vented their stock options.
PhonePe was kept by Flipkart but the e-commerce major will no longer consume any stake in the payments firm.
“PhonePe creators got these stock options as Flipkart employees when they were learned by Flipkart in 2016. As part of the PhonePe funding where an employee group is selling their choices, the founders have liquidated all of it,” said one of the persons cited above.
Since PhonePe has entirely separated from the Flipkart group, the cofounders of the payments firm were permissible to divest all of their options from Flipkart in one go as they will no longer consume any role to play at Flipkart, the sources supposed.