PhonePe headquarters to relocate in India
2022-07-21
Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India with its largest shareholder, Flipkart, continuing to remain headquartered in Singapore.
The company’s spokesperson confirmed the development and added that the firm is in the process of moving its registered entity from Singapore to India.
Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years. Flipkart continues to be its biggest shareholder.
As per the last fundraise of $700 million, about Rs 5,172 crore, PhonePe was valued at $5.5 billion. PhonePe has crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions in 2020.
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