PhonePe to move headquarters from Singapore to India

Representative image.

Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India, according to a source privy to the development.

Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base.

When contacted, a PhonePe spokesperson confirmed the development. "We are in the process of moving our registered entity from Singapore to India," the PhonePe spokesperson said. An email query sent to Flipkart elicited no reply.

Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years. The e-commerce firm continues to be its biggest shareholder. As per the last fundraise of USD 700 million, about Rs 5,172 crore, PhonePe was valued at USD 5.5 billion.

PhonePe had crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions in October 2020.