PhonePe moves domicile from Singapore to India
PhonePesaid that all its subsidiaries have migrated from Singapore to India.
- The payment service company has also migrated ESOPs from
PhonePe Singaporeto PhonePe India.
- IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India.
- PhonePe currently has over 350 million registered users.
AdvertisementWalmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India.
Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed.
“Following these actions, all
PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan.
Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (
Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform.
PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017.
One in four Indians use services of fintech
AdvertisementTo further strengthen its enterprise, PhonePe acquired
SEE ALSO: Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share
Mangalyaan: All you need to know about India’s first historic mission to Mars
Millions of Indian smartphone users might have to wait till 2024 for 5G say experts
Popular on BI
- I'm a 56-year-old IT worker who got laid off last year and have been unemployed ever since. I have a hunch I'm not finding work due to ageism. How do I prove it?
- Germany relaxes Schengen visa rules for Indians
- Kanye West says he's selling Balenciaga, Adidas, and Gap hoodies for $20 after the companies all cut ties with him
- WhatsApp rolls out contact cards sharing on Windows beta
- FIFA WC: Lionel Messi doing well, says Argentina manager Scaloni amid injury concerns
- ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India
- RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz
- Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says