According to a source familiar with the situation, Walmart's digital payments business PhonePe is planning to relocate its headquarters from Singapore to India.
Flipkart, the largest shareholder in the business, will continue to operate its facilities in Singapore, and there is no intention to relocate its headquarters.
A PhonePe spokesperson confirmed the news when asked.
According to a PhonePe spokesperson, we are in the process of moving our registered entity from Singapore to India.
A Flipkart email request elicited no response.
Flipkart sold PhonePe as a single entity in December 2020, allowing the company to have access to dedicated capital to fund its long-term ambitions over the next three to four years.
The e-commerce The business continues to be its major shareholder.
PhonePe was valued at $5.5 billion (nearly Rs. 44,000 crore) as a result of its last $700 million fundraising campaign.
PhonePe has reached the 250 million registered users milestone, with over 100 million monthly active users (MAU) generating over one billion digital payment transactions in October 2020.
PhonePe, a digital payments company, said in April that it intends to more than double its entire employee base to 5,400 across the United States by the end of December 2022, compared to its existing 2,600-strong workforce.
PhonePe said there are roughly 2,800 open job openings that the company intends to fill in Bengaluru, Pune, Mumbai, Delhi, and the rest of the country in the next 12 months. The hiring will encompass engineering, product, analytics, business development, and sales teams, and will cover all levels and functions.