PhonePe Moves All Business From Singapore To India Ahead Of IPO

PhonePe has moved all its domicile, businesses and entities from Singapore to India. All PhonePe Group businesses are now consolidated under PhonePe Pvt Ltd – India.

On Monday, October 3, the IPO-bound digital payments service PhonePe declared that the process to change its headquarters from Singapore to India was complete.

PhonePe announced in a statement that it has finished three crucial stages toward shifting its domicile to India.
The employees’ ESOP plan was transferred from Singapore to the India branch of PhonePe, and ownership of the recently purchased IndusOS Appstore was transferred from PhonePe Singapore to PhonePe Pvt Ltd.

According to PhonePe, the company has relocated its wealth and insurance brokerage operations from Singapore to India.

Additionally, according to the statement, the PhonePe board recently approved the development of a new ESOP plan and the relocation of over 3,000 employees’ existing ESOPs by granting new ESOPs under PhonePe India’s new plan.

According to the announcement, “as a result of these steps, all PhonePe Group businesses and organizations are now entirely owned by and consolidated under PhonePe Pvt Ltd – India.”

PhonePe, which is owned by Walmart, said in July that it intended to relocate its registered company from Singapore to India. 

In keeping with the company’s ambitions to list on Indian stock exchanges, the action was taken.

Previous reports have emphasized the issues with PhonePe and Google Pay’s significant market share given that neither company is based in India. While Google Pay’s parent firm Alphabet Inc. is situated in the US, PhonePe was founded in Singapore.

Walmart recently reported that PhonePe recorded 3.1 billion transactions per month and has an annualized total payments volume (TPV) of over $830 billion in the second quarter of 2022.

PhonePe commanded a 47.9% market share in UPI in August. It handled 314 crore UPI transactions worth 5.28 crore INR. 

Earlier this year, PhonePe acquired GigIndia, a B2B firm with a focus on micro-freelancers.

The parent business, situated in Singapore, gave PhonePe India roughly $297 Mn (INR 2,275 Cr) in April. 

The funding was provided in order to assist PhonePe in acquiring Indus OS and starting its mutual fund enterprise.

In the Indian digital payments market, PhonePe rivals Paytm, Google Pay, and Kunal Shah’s CRED.

According to a forecast by Inc42, by 2025, the country’s digital payment market would make up 16%, or $208 billion, of the overall fintech market ($1.3 trillion).