PhonePe, a Walmart group digital payments firm, reportedly, plans to shift its headquarters from Singapore to India. According to available resources, Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and not decided to shift its base.
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"We are in the process of moving our registered entity from Singapore to India," said a PhonePe spokesperson in a statement.
The location to where the company plans to shift and the reason for the change is not yet revealed. As per earlier reports, PhonePe was valued at $5.5 billion with its latest fundraise of $700 million and the e-commerce firm, Flipkart, continues to remain its biggest shareholder.
"We are moving our holding company to India, and we will list here. Our board has already signed off on it. It is just a matter of time now. 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," said Sameer Nigam, PhonePe founder and CEO, while speaking in an episode of CNN News18's Bits to Billions, on June 2022.
As per reports, PhonePe had crossed the 250 million registered user milestone, with more than 100 million monthly active users, generating nearly one million digital payment transactions in 2020.
PhonePe is a digital payment and financial technology company, with a vision to build a large, scalable and open transaction ecosystem that creates the maximum positive impact for all stakeholders. In 2016, e-commerce platform Flipkart acquires PhonePe. As per company website, in 2020, PhonePe became the fastest growing insure-tech distributor with a sale of 5 lakh policies in 5 months and crosses 250 million registered users mark, with a market-leading share of over 40 per cent in UPI transactions.