PhonePe, a member of the Walmart-owned Flipkart company, said on Monday that it has completed the move 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 its businesses and subsidiaries, including Insurance Broking Services and Wealth Broking, to PhonePe Pvt Ltd-India in a statement.
According to PhonePe''s board, the creation of a new ESOP strategy and the migration of more than 3,000 PhonePe Group employees'' existing Employee Stock Ownership Plans (ESOPs) have been approved en route to the United States.
PhonePe has also moved the ownership of IndusOSAppstore (OSLabsPte Ltd) from Singapore to India, according to the newly liberalized automatic Overseas Direct Investment (ODI) rules.
According to the report, all PhonePe Group businesses and entities are now owned by PhonePe Pvt Ltd-India and are now owned by the company.
The digital payment company is looking for a valuation of up to $10 billion (roughly Rs. 81,500 crore) and plans to list it on Indian bourses.
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PhonePe was founded by former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, and bought by Flipkart in 2016. In 2018, Flipkart was acquired by Walmart, and PhonePe was included in the transaction.
The company has filed a mutual fund license and a Non-Banking Financial Company (NBFC) licence 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 license and is adding stocks and exchange-traded funds to its growing list of wealth management offerings.
It announced that it will launch the UPI SIP (Systematic Investment Plan) for gold investment. Users will be able to invest in high-purity 24K gold of a specified amount every month. The gold can be accumulated in their insured bank-grade lockers, maintained by MMTC-PAMP and SafeGold.