After Completing A Three-Step Process, Singapore's PhonePe Is Now An Indian Business

The financial services and payment provider PhonePe is now based in India rather than Singapore. The company is preparing to bring an IPO. On Monday, PhonePe said that the process of planning to bring the domicile from Singapore to India has been completed. After completion of this process, PhonePe Group's business and companies are now owned by PhonePe Private Limited (India).

According to the corporation, importing India from Singapore was accomplished in three stages. In the first phase last year PhonePe Singapore business and subsidiary were transferred directly to PhonePe Private Limited India. It also includes insurance broking and wealth broking services.

As part of the second phase, PhonePe's board recently approved the creation of a new Employee Stock Option (ESOP) and replacement of existing ESOPs of over 3,000 employees. After this, in the final phase, under the Overseas Direct Investment rule, PhonePe shifted the recently purchased App Store from Singapore to India. The company expects to turn profitable by next year. Only then will she prepare for the IPO.

PhonePe was founded in December 2015 and has emerged as one of India’s largest payment apps, enabling digital inclusion for consumers and merchants alike. With over 400 million registered users, one in four Indians is now on PhonePe.

The company has also digitized 32 million offline merchants in 99 percent of pin codes in the country.