PhonePe announces plans to relocate headquarters from Singapore to India
- ByStartupStory | July 22, 2022
It appeared that PhonePe intended to relocate its headquarters from Singapore to India, a company representative confirmed the news after allegations that the fintech behemoth. The representative stated, “We are in the process of relocating our registered entity from Singapore to India.”
The fintech firm declined to comment on the headquarters’ location in India or the cause of the relocation, though. According to earlier reports, the payment startup owned by Flipkart intends to float on Indian stock exchanges when the time is appropriate.
“We will list our holding company here and we are relocating it to India. It has already received approval from our board. It’s only a matter of time now, said Sameer Nigam, the founder and CEO of PhonePe. In India, PhonePe claims to have 30 million+ merchant outlets and 385 million+ registered users. Among its rivals are Paytm and Google Pay. It still controls around half of the nation’s UPI payments business.
Recently, PhonePe received close to $297 million from its parent company in Singapore. Two resolutions were approved by Phone Private Limited to distribute 2.5 million equity shares to PhonePe Private Limited Singapore in order to raise Rs 2,275 crore. Although it owns a majority of PhonePe, the Walmart-owned e-commerce behemoth Flipkart is unlikely to move its own headquarters from Singapore.
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