PhonePe, India’s leading FinTech platform, on Thursday announced that it has completed the process of moving its domicile to India.
“Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd, India directly,” the company said in a statement.
This includes its Insurance Broking Services and Wealth Broking businesses, it said.
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.
Finally, under the newly liberalized automatic ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.
Following these actions, PhonePe Pvt Ltd, India wholly owns all PhonePe Group businesses and entities.
PhonePe was founded in December 2015. It has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike.
With over 400 million registered users, one in four Indians are now on PhonePe.
The company has also successfully digitized 32 million offline merchants. These merchants are spread across Tier 2,3,4 cities and beyond. It has a coverage of 99 percent pin codes in the country.
PhonePe forayed into financial services in 2017. It is providing users with a safe and convenient option to invest in 24-karat gold. Recently Phonepe has also launched silver on its platform.
Since then, PhonePe has introduced several Mutual Funds and Insurance products. They include tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others.
Using PhonePe, users can send and receive money. Moreover, they can recharge mobile, DTH, pay at stores and make all their utility payments.
Trust Research Advisory (TRA) recognised PhonePe as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022.