PhonePe Is Moving Its Headquarters from Singapore to India

New Delhi, Jul 20: Walmart group digital funds agency PhonePe is planning to shift its headquarters from Singapore to India, based on a supply aware about the event. Flipkart, the biggest shareholder of the agency, will proceed to stay headquartered in Singapore and there’s no resolution to shift its base.

When contacted, a PhonePe spokesperson confirmed the event. “We are in the process of moving our registered entity from Singapore to India,” the PhonePe spokesperson stated.

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An e-mail question despatched to Flipkart elicited no reply. Flipkart had partially spun-off PhonePe in December 2020 to allow the funds agency to entry devoted capital to fund its long-term ambitions over the subsequent three to 4 years. The e-commerce agency continues to be its greatest shareholder.

As per the final 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 consumer milestone, with over 100 million month-to-month energetic customers (MAU) producing practically one billion digital cost transactions in October 2020.

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