PhonePe, a member of Walmart''s Flipkart group, said on Monday that it has completed the transfer of its domicile from Singapore to India. The development comes ahead of its intention to launch an initial public offering (IPO) for expanding its financial services portfolio and strengthening its core United Payments Interface (UPI)-based payments operations and investment banking.
PhonePe Singapore has moved all businesses and subsidiaries, including Insurance Broking Services and Wealth Broking businesses, to PhonePe Pvt Ltd-India, according to a statement.
Secondly, it said, PhonePe''s board of directors approved recent the creation of a new ESOP strategy and the migration of more than 3,000 PhonePe Group employees'' existing Employee Stock Ownership Plans (ESOPs) by eminenting new ESOPs under PhonePe India''s new program.
PhonePe has also moved the ownership of IndusOSAppstore (OSLabsPte Ltd) from Singapore to India under the newly liberalized automatic Overseas Direct Investment (ODI) regulations, according to the report.
According to the study, all PhonePe Group businesses and entities are now fully owned and consolidated under PhonePe Pvt Ltd-India.
The digital payment company is attempting to sell up to $10 billion (approximately Rs. 81,500 crore) and is planning to publish it on Indian bourses.
- UPI Targeting 1 Billion Daily Transactions by 2027: Nirmala Sitharaman
PhonePe was founded by former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018, Flipkart was acquired by Walmart, and PhonePe was also involved in the transaction.
The company has applied for a mutual fund licence and a Non-Banking Financial Company (NBFC) license and has acquired three companies WealthDesk, OpenQ, and GigIndia. PhonePe is the leader in the UPI space, with a 47 percent market share in monthly transactions.
PhonePe has a mutual fund distribution licence and will include stock- and exchange-traded funds to its growing list of wealth management products.
Users will be able to invest in high-purity 24K gold of a specified amount every month. The gold may be stored in their insured bank-grade lockers, maintained by MMTC-PAMP and SafeGold.