Walmart's PhonePe Planning to Move Its Headquarters From Singapore to India

Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base.

By Press Trust of India | Updated: 20 July 2022 23:02 IST

Walmart's PhonePe Planning to Move Its Headquarters From Singapore to India

PhonePe had crossed the 250 million registered user milestone

Highlights

Flipkart had partially spun-off PhonePe in December 2020
The e-commerce firm continues to be PhonePe's biggest shareholder
In April, PhonePe said it plans to double its total employee strength

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.

Is Poco F4 5G a new best-of contender under Rs. 30,000? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.