PhonePe Shifts Its Business To India From Singapore

Payment service company PhonePe has announced that it will run its business from India. The business of this company of Walmart of America used to run from Singapore, which has now been shifted to India.

PhonePe said that the process of shifting from Singapore to India has been completed in three phases. In the last one year, PhonePe has shifted many of its business and subsidiary companies from Singapore to India. PhonePe claims that it has shifted the wealth broking business and insurance broking business to India.

The company board has recently decided to create a new Employee Stock Ownership Plan under a major decision. Before that PhonePe Private Limited-India Company was formed. Under the new plan, 3000 employees of PhonePe group will be included in India under the PhonePe India Plan. This company has shifted the recently purchased company IndusOS Appstore from Singapore to India under the Overseas Direct Investment Plan, i.e., ODI rule.

In August, the Reserve Bank of India changed the ODI rule for fintech firms. The investment of ODI comes under the Foreign Exchange Management Act. After the change of RBI, PhonePe has shifted a new company from Singapore to India. Fintech company PhonePe was established in December 2015. PhonePe is one of the largest payment apps in India, which crossed the 3500 million user mark in January this year. This company started its finance service in 2017.

Every 1 out of 4 people in India uses the fintech platform PhonePe. The company has 150 monthly active users, due to which it occupies a special place among the most used UPI apps in India. 

PhonePe has its office in Bangalore. In April, this company claimed that it has crossed the record of 1000 lakh transactions in a day claiming it a big success.