PhonePe completes process to move domicile from Singapore to India

All businesses, and entities now owned by and consolidated under PhonePe Pvt Ltd-India

PhonePe has completed three steps to move its domicile to India, said the Walmart-owned fintech company on Monday.

PhonePe has in the past year moved all businesses, including insurance and wealth broking, and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd-India.

“Being one of the largest fintech companies, PhonePe is focused on India market and all its employees are based in the country, that is why the leadership decided to take these steps,” said a company insider who didn’t wish to be named.

PhonePe’s board recently approved creating a new employee stock ownership plan and migrating more than 3,000 PhonePe group employees’ ESOPs.

Under newly liberalised automatic overseas direct investment rules, PhonePe has moved the ownership of the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.

“Following these actions, all PhonePe Group businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd-India,” said the company.

PhonePe was founded in December 2015, and has emerged as one of India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With over 400 million registered users, one in four Indians are now on PhonePe.

The company has also digitized 32 million offline merchants in 99 per cent of pin codes in the country.