Fintech’s PhonePe, a part of the Walmart-control Flipkart group said it has complete the process of moving its domicile from Singapore to India. This development comes ahead of its plans to launch an initial public offering (IPO) for expanding its financial services portfolio and deepening its core United Payments Interface (UPI)-based payments operations and investment banking.
PhonePe has move all businesses and subsidiaries including Insurance Broking Services and Wealth Broking businesses of PhonePe Singapore to PhonePe Pvt Ltd-India directly, the company said in a statement.
Also PhonePe’s board recently approve the creation of a new ESOP plan and the migration of more than 3,000 PhonePe Group employees’ existing Employee Stock Ownership Plans (ESOPs) by issuing new ESOPs under PhonePe India’s new plan.
Finally, under the newly liberalize automatic Overseas Direct Investment (ODI) rules, PhonePe has also move the ownership of recently acquire IndusOSAppstore (OSLabsPte Ltd) from Singapore to India, it said.
Means, all PhonePe Group businesses and entities are now wholly-own by and consolidate under PhonePe Pvt Ltd-India.
The digital payment company is seeking a valuation of up to $10 billion (approx. Rs. 81,500 crore) and plans to list on Indian bourses.
PhonePe was found by ex-Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, and was acquire by Flipkart in 2016.
In 2018, Flipkart was acquire by Walmart, and PhonePe was part of the transaction as well.
The company has apply for a mutual fund licence and a Non-Banking Financial Company (NBFC) licence and has acquired three companies, WealthDesk, OpenQ and GigIndia.
PhonePe is the leader in the UPI space, enjoying a 47% market share in monthly transactions.
Right now, PhonePe holds a mutual fund distribution licence and will be adding stocks and exchange-traded funds to its growing list of wealth management products.
It announce that it will launch UPI SIP (Systematic Investment Plan) for investment in gold.
You will be able to invest in high-purity 24K gold of a specified amount every month.
This gold can be accumulate in their insured bank-grade lockers, maintain by MMTC-PAMP and SafeGold.