PhonePe PhonePe moves domicile to India from Singapore pre IPO
Bengaluru/IBNS: FinTech platform PhonePe on Thursday announced that it has completed the process of moving its domicile to India.
"Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd, India directly," the company said in a statement.
This includes its Insurance Broking Services and Wealth Broking businesses, it said.
PhonePe’s board recently approved the creation of a new ESOP plan and the migration of 3,000 plus PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan, it added.
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.
"Following these actions, all PhonePe Group businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd, India.
The digital payments app has plans to go public after their core business is profitable, as per media reports.
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