PhonePesaid all of its subsidiaries have migrated from Singapore to India.
- The payment services company has also migrated ESOPs from
PhonePe Singaporeto 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
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 (
RBI, effective from August 22, 2022, has announced changes to the ODI rules for fintech companies. The ODI rules fall under
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
To further strengthen its business, PhonePe
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