Ahead of IPO PhonePe moves domicile from singapore to india
- ByStartupStory | October 4, 2022
On October 3, Payments and financial services player PhonePe said 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 and Flipkart-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.
PhonePe was founded in 2015 by Nigam, Rahul Chari and Burzin Engineer, it forayed into financial services in 2017 and has since introduced several mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic, among others.
“We are a made in India company. Every office, data centre, and employee of ours is here. There is no reason why we should not contribute to wealth creation in this market,” Nigam had said in an interview. He had also stated that-“We want to be at a stage where our new-age initiatives have achieved sufficient product-market fit and scale so that our revenue pools are diversified enough. I don’t want to raise public money to experiment wildly.”
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