Payment App PhonePe is Organizing to move its headquarters Singapore to India

Flipkart is the biggest shareholder of the company is expected to stay located in Singapore and there isn’t a choice to move its headquarters.

Walmart Group’s digital payments company PhonePe plans to relocate the headquarters of its company from Singapore to India According to a source with knowledge of the plans.

Flipkart which is the biggest shareholder of the firm, is expected to be headquartered in Singapore and there isn’t a choice to move its headquarters.

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If contacted for clarification, the PhonePe spokesperson confirmed the news.

“We are currently in an effort to move our designated business out of Singapore in India,” the PhonePe spokesperson stated.

A query via email to Flipkart did not receive a response.

Flipkart was partially spun off PhonePe in December 2020 in order to enable the payments company to gain access to dedicated capital to finance its long-term goals in the next three to four years.

The online-based company is the biggest shareholder.

In the latest fundraising that raised $700m (nearly the equivalent of Rs. 5,600 crore) PhonePe was valued at $5.5 billion (nearly the equivalent of Rs. 44,000 crore).

PhonePe reached its 250 million active users milestonewith more than 100 million active monthly users (MAU) producing more than one billion digital payment transactions in October of 2020.

In April, the digital payments platform PhonePe stated that it was planning to increase its total employees to 5,400 across the nation at the end of December 2022. This will be a significant increase from the current 2,600 staff.

“There are around 2,800 unfilled jobs which the company plans to fill over within the next twelve months in Bengaluru, Pune, Mumbai, Delhi, and the rest of the nation,” PhonePe said in a statement, adding that hiring will take place across different levels and functions, including the product, engineering business development, analytics, and sales teams.

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