PhonePe will relocate its headquarters from Singapore to India
There has been no decision to move the headquarters of Flipkart, the company's largest shareholder, from Singapore.
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According to a source familiar with the situation, Walmart Group's PhonePe plans to relocate its headquarters from Singapore to India.
There has been no decision to move the headquarters of Flipkart, the company's largest shareholder, from Singapore.
A PhonePe spokeswoman acknowledged the development after being contacted. The PhonePe representative stated, "We are in the process of relocating our registered entity from Singapore to India. Flipkart did not respond to an email that was sent to them.
In December 2020, Flipkart partially spun out PhonePe to give the payments company access to dedicated funding to finance its long-term goals over the following three to four years. The company's largest shareholder is still the e-commerce company. PhonePe was valued at USD 5.5 billion as of the most recent fundraise, which brought in USD 700 million, or roughly Rs 5,172 crore.
With more than 100 million monthly active users (MAU) and close to one billion digital payment transactions in October 2020, PhonePe had reached the 250 million registered user milestone.
