PhonePe Completes Step To Shift Domicile From Singapore To India
Last year PhonePe moved all its businesses, including insurance and wealth broking, and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd-India.
Walmart-owned fintech company, PhonePe has completed three steps successfully to shift its domicile to India, said on 03 October.
During last year PhonePe moved all its businesses, including insurance and wealth broking, and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd-India.
“PhonePe being one of the largest fintech companies, is focused on India market. Majorly its employees are based in the country, hence the decision for these steps are taken,” said an official.
Recently PhonePe’s board approved a new employee stock ownership plan and so relocating 3,000 plus PhonePe group employees’ ESOPs.
PhonePe has moved the ownership from recent acquisitions of IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India. This move is taken under newly liberalised automatic overseas direct investment rules.
“All such actions signifies that all PhonePe Group businesses and entities are now completely owned by and consolidated under PhonePe Pvt Ltd-India,” said the company.
PhonePe was founded in December 2015, and unfolded its wings as India’s one of the largest payments app, enabling digital inclusion for consumers and merchants alike. It has more than 400 million registered users, creating a ratio of one in four Indian PhonePe user.
In a successful move, the company also digitized 32 million offline merchants in 99 per cent of pin codes across the country.