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Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India, according to a source privy to the development.
Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base.
When contacted, a PhonePe spokesperson confirmed the development.
“We are in the process of moving our registered entity from Singapore to India,” the PhonePe spokesperson said.
An email query sent to Flipkart elicited no reply.
Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years.
The e-commerce firm continues to be its biggest shareholder.
As per the last fundraiser of $700 million (nearly Rs. 5,600 crore) PhonePe was valued at $5.5 billion (nearly Rs. 44,000 crore).
PhonePe had crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions in October 2020.
In April, Digital payments platform PhonePe said it plans to more than double its total employee strength to 5,400 across the country by the end of December 2022 from its existing 2,600-strong workforce.
“There are about 2,800 open job positions that the company is planning to fill in the next 12 months across Bengaluru, Pune, Mumbai, Delhi, and the rest of the country,” PhonePe said, adding that hiring will be across levels and functions for engineering, product, analytics, business development and sales teams.