Prior to its initial public offering (IPO), payment and financial services provider PhonePe said on Monday that it has finished the process of relocating its domicile from Singapore to India (IPO).
The process, according to the Walmart and Flipkart-owned business, was finished in three steps. The first was when PhonePe transferred all of its operations and subsidiaries from PhonePe Singapore to PhonePe Pvt Ltd India during the course of the previous year. This applies to both its Wealth Broking and Insurance Broking operations.
“Secondly, PhonePe’s board recently approved the creation of a new ESOP plan and the migration of 3000+ PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan,” the company said in its statement.
The ownership of the recently purchased IndusOS Appstore (OSLabs Pte Ltd) has also been transferred from Singapore to India by PhonePe in accordance with the newly liberalised automatic ODI regulations.
Affle Global Pte Ltd, the firm’s primary stakeholder, and the company have come to an amicable agreement, allowing the company to finalise the long-delayed acquisition of mobile platform OSLabs.
PhonePe paid a premium to purchase Affle Global’s whole stake, but did not disclose the deal’s ultimate worth.
The company expects to reach profitability in its main activities by 2023, at which point it plans to go public.
Nigam, Rahul Chari, and Burzin Engineer founded PhonePe in 2015. In 2017, PhonePe entered the financial services sector and since then has released a number of mutual funds and insurance products.