expressed opinion entrepreneur Contributors are their own.
You are reading Entrepreneur India, the international franchise of Entrepreneur Media.
PhonePe, a digital payments and financial technology company owned by Walmart, said it has completed three steps to move its domicile from Singapore to India. It includes PhonePe’s business and all entities, including the recently acquired IndusOS Appstore, which is now wholly owned and merged by PhonePe Pvt Ltd India.
“The entire process of transferring domicile from Singapore to India is done in three steps. The first step involves the direct transfer of all operations, including insurance brokerage services and wealth brokerage business, as well as subsidiaries of PhonePe Singapore, to PhonePe Pvt Ltd India,” said The company said in a statement.
“Secondly, PhonePe’s Board of Directors recently approved the creation of a new ESOP scheme and migrated the existing ESOPs of over 3,000 PhonePe Group employees by issuing a new ESOP under the new scheme of PhonePe India,” the statement added.
Finally, PhonePe also transferred ownership of the IndusOS Appstore to India under the new automatic foreign direct investment rules. New automatic ODI rules stipulate that Indian companies not engaged in financial services can now directly invest in overseas financial services companies without prior approval from the Reserve Bank of India.
Founded in 2015, PhonePe is a digital fintech company that makes it easy for users to pay utility bills and conduct other online transactions. According to a report published in June 2022, digital payments in India will be worth $10 trillion by 2026, up from $3 trillion today.