PhonePe moves domicile from Singapore to India: Here’s what it means – Times of India
In a statement, PhonePe said that the whole process of moving domicile from Singapore to India was completed in three steps. The first step involved moving all businesses, including its Insurance Broking Services and Wealth Broking businesses, and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd – India directly.
“Secondly, PhonePe’s board recently approved the creation of a new ESOP plan and the migration of 3,000+ PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan,” the company added.
Lastly, PhonePe has also moved the ownership of recently-acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India under the new automatic Overseas Direct Investment (ODI) rules. As per the new automatic ODI rules, Indian companies not in financial services can now directly invest in financial-services companies abroad and they need no prior approval from the Reserve Bank of India. The ODI via Automatic Route is processed by Authorised Dealers Bank.
PhonePe opened new office in Pune
Recently, PhonePe announced the opening of its new office in Pune that will accommodate close to 400 employees. The office is spread across an area of 50,000 square feet and it includes a 3,000 square feet cafeteria.
PhonePe forayed into financial services in 2017 and recently it announced that it has enabled online payments for 80 lakh merchants in the last 18 months as a part of the Reserve Bank of India’s Payments Infrastructure Development Fund (PIDF) scheme. Apart from receiving and sending money on the platform, users can also recharge mobile, DTH, and pay bills from one consolidated app.
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