Payments and financial services provider PhonePe announced Monday that it has completed the process of moving its headquarters from Singapore to India ahead of its initial public offering (IPO).
Walmart-owned company Flipkart said the process was completed in three steps. Firstly, in the past year, PhonePe has directly transferred all business and subsidiaries from PhonePe Singapore to PhonePe Pvt Ltd India. These include the Insurance Brokering Services and Wealth Broking businesses.
“Secondly, PhonePe’s Board of Directors recently approved the creation of a new ESOP plan and the migration of the existing ESOPs of more than 3000 employees of PhonePe Group through the issuance of new ESOPs under the new plan of PhonePe India,” the company said in its Explanation.
Finally, as part of the newly liberalized automatic ODI rules, PhonePe has also moved ownership of the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.
The company has completed its 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 but did not disclose the final valuation at which the transaction was completed.
The digital payments company plans to go public once its core businesses become profitable, which the company hopes to achieve by 2023.
Founded in 2015 by Nigam, Rahul Chari and Burzin Engineer, PhonePe entered the financial services space in 2017 and since then has launched multiple mutual funds and insurance products
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