PhonePe moves domicile from Singapore to India in run-up to IPO plans

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Payments and financial services player PhonePe said on October 3 that it has completed the process of moving its domicile from Singapore to India ahead of its plans to launch an initial public offering (IPO).

The Walmart-owned company said that the process was completed in three steps - firstly, over the past year, PhonePe moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd (India) directly. This included its insurance broking and wealth broking services.

"Secondly, PhonePe’s board recently approved the creation of a new ESOP plan and the migration of 3000+ PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan," the company added in a statement.

Finally, under the newly liberalised automatic Overseas Direct Investment (ODI) rules, PhonePe has also moved the ownership of the 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), said PhonePe.