Walmart-owned PhonePe, which was domiciled in Singapore, said on Monday that it had completed the process of moving base to India.

The company has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly

PhonePe’s board recently approved the creation of a new employee stock options pool (Esop) and the migration of more than 3,000 PhonePe Group employees’ existing Esops by issuing new Esops under PhonePe India’s new plan,” it said.

PhonePe, under the newly liberalised automatic ODI rules, has also moved the ownership of recently acquired IndusOS Appstore from Singapore to India. The acquisition of IndusOS was completed in July 2022.

Following these actions, all PhonePe Group businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” it said.

In addition to this, the company also plans to go public by 2023. Currently, PhonePe is a leader in the Unified Payments Interface (UPI) and owns a lion’s share of 46.36 per cent in the UPI ecosystem.

PhonePe, founded by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, was bought by the homegrown ecommerce company in 2016.

PhonePe was founded in December 2015 and has around 400 million registered users. The company also claims that it has successfully digitised more than 30 million offline merchants spread across Tier 2,3,4 and beyond, covering 99 per cent of pin codes in India.