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PhonePe moves domicile from Singapore to India

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  • PhonePe said all of its subsidiaries have migrated from Singapore to India.
  • The payment services company has also migrated ESOPs from PhonePe Singapore to PhonePe India.
  • IndusOS, owned by PhonePe, has also moved operations from Singapore to PhonePe India.
  • PhonePe currently has more than 350 million registered users.

Walmart-backed Indian payment services company PhonePe announced today that it has completed three steps to move its residence to India.

In the past year, PhonePe has moved all of PhonePe Singapore’s businesses and subsidiaries directly to PhonePe Pvt Ltd – India. This includes its insurance brokerage services and wealth brokerage business, the company claimed.

“After these actions, all PhonePe group companies and entities are now wholly owned and consolidated under PhonePe Pvt Ltd – India,” PhonePe revealed in a statement.

The PhonePe board recently approved the creation of a new Employee Stock Ownership Plan (ESOP) and the migration of the existing ESOPs of more than 3,000 employees of PhonePe Group by issuing new ESOPs under PhonePe India’s new plan.

Under the recently liberalized automatic ODI rules for foreign direct investment, PhonePe also owns the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.

RBI, effective from August 22, 2022, has announced changes to the ODI rules for fintech companies. The ODI rules fall under Foreign Exchange Management Act.

Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform.

Founded in December 2015, PhonePe is one of India’s largest payment apps, reaching 350 million registered users in January this year. In 2017, it switched to financial services.

Flipkart, one of India’s largest e-commerce platforms and the largest shareholder in PhonePe, is still headquartered in Singapore.

One in four Indians uses fintech services Platform PhonePe with 150 monthly active users, making it one of India’s most used Unified Payment Interface (UPI) apps. The Bengaluru-based fintech startup declared it had exceeded 100 million transactions in April this year in a
day.

To further strengthen its business, PhonePe GigIndia in March 2022, a marketplace for handymen for an undisclosed amount. GigIndia has 1.5 million entrepreneurs on board its platform.

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