IPO bound digital payments app PhonePe announced on Monday (October 3) that it has completed the process of shifting its domicile from Singapore to India.
PhonePe said in a statement that it has completed three critical steps toward relocating its headquarters to India. These steps include transferring businesses and subsidiaries from PhonePe Singapore to PhonePe Pvt Ltd, transferring employee ESOP plans from Singapore to the India office, and transferring ownership of the recently acquired IndusOS Appstore to India. PhonePe announced that it has relocated its insurance brokerage and wealth management operations from Singapore to India. Furthermore, the PhonePe board recently approved the creation of a new ESOP plan and the relocation of over 3,000 employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan.
