In the last one year, PhonePe has shifted many of its business and subsidiary companies from Singapore to India. PhonePe claims that it has shifted the wealth broking business and insurance broking business to India.
PhonePe has shifted its business from Singapore to India (signal image)
Payment service company PhonePe has announced that it will run its business from India. of America Walmart That the business of this company used to run from Singapore, which has now been shifted to India. PhonePe says that the process of shifting from Singapore to India has been completed in three phases. In the last one year, PhonePe has shifted many of its business and subsidiary companies from Singapore to India. PhonePe claims that it has shifted the wealth broking business and insurance broking business to India.
The PhonePe Board has recently decided to create a new Employee Stock Ownership Plan under a major decision. Before that PhonePe Private Limited-India Company was formed. Under the new plan, 3000 employees of PhonePe Group Employees will be included in India under the PhonePe India Plan. This company has shifted the recently purchased company IndusOS Appstore from Singapore to India under the Overseas Direct Investment Plan ie ODI rule.
big change in phonepe
In August, the Reserve Bank of India changed the ODI rule for fintech firms. The investment of ODI comes under the Foreign Exchange Management Act. After the change of RBI, PhonePe has shifted a new company from Singapore to India. Fintech company PhonePe was established in December 2015. PhonePe is one of the largest payment apps in India, which crossed the 3500 million user mark in January this year. This company started its finance service in 2017.
Flipkart has a stake in e-commerce company PhonePe. Flipkart is one of the largest e-commerce platform in India that does online business. Two companies of American company Walmart include PhonePe and Flipkart. PhonePe has started its operations in India from Singapore while Flipkart will run its business from Singapore.
Phonepe’s growing scope
Every one out of 4 people in India uses the fintech platform PhonePe. PhonePe has 150 monthly active users, due to which it occupies a special place among the most used UPI apps in India. PhonePe has its office in Bangalore in India. In April, this company claimed that it has crossed the record of 1000 lakh transactions in a day. This was a big success for PhonePe.
To accelerate its operations, PhonePe bought GigIndia in March 2022. It could not be disclosed about how much this deal was done. GigIndia is a marketplace for gig workers. 1.5 million entrepreneurs do their business on GigIndia’s platform. Fintech companies like Google Pay, Paytm and Razorpay are expected to get a tough competition with PhonePe’s business going completely in India. Now these companies will also have to make their strategy afresh.
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