Home / Companies / News /  PhonePe moves domicile from Singapore to India before its IPO

Payment and financial services provider PhonePe on Monday said that it has completed the process of moving its domicile from Singapore to India ahead of its initial public offering (IPO).

The Walmart, Flipkart owned company said that the process was completed in three steps. The first, over the past year, PhonePe moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd India directly. This includes its Insurance Broking Services and Wealth Broking businesses.

"Secondly, PhonePe’s board recently approved the creation of a new ESOP plan and the migration of 3000+ PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan," the company said in its statement.

Finally, under the newly liberalized automatic ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.

The company has completed the long pending acquisition of mobile platform OSLabs after reaching an amicable settlement with the company's majority shareholder Affle Global Pte Ltd.

PhonePe acquired Affle Global's entire stake at a premium, however, not reveal the final valuation at which the deal was reached.

The digital payments company plans to go public once its core businesses turn profitable, which the firm hopes to achieve by 2023.

PhonePe was founded in 2015 by Nigam, Rahul Chari and Burzin Engineer, PhonePe forayed into financial services in 2017 and has since introduced several mutual funds and insurance products

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