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PhonePe shifts headquarters from Singapore to India

Walmart-owned PhonePe, which was domiciled in Singapore, said on Monday that it had completed the process of moving base to India.

The company has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd – India directly, including its insurance broking services and wealth broking businesses, it said in a statement.

“PhonePe’s board recently approved the creation of a new employee stock options pool (Esop) and the migration of more than 3,000 PhonePe Group employees’ existing Esops by issuing new Esops under PhonePe India’s new plan,” it said.

The fintech firm added it had also moved the ownership of the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.

“Following these actions, all PhonePe Group businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd – India,” it said.

PhonePe, founded by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, was bought by the homegrown ecommerce company in 2016.

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Two years later, it became a part of Walmart after the US retail giant acquired Flipkart.

PhonePe had in 2019 received
in-principle approval from Flipkart’s board to be hived off as a separate entity.

In June 2022, ET reported that the
separation process was underway and that executives at PhonePe were looking to formally complete the procedure in a month or two.

After a partial hive-off in 2019 was cleared by the Flipkart board, PhonePe had an independent board reporting to Walmart. In December 2020, Walmart invested $700 million in the company at a valuation of $5.5 billion.

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