Tech

PhonePe moves residence address from Singapore to India: Here’s what it means


Flipkart is owned by PhonePe digital payments and financial technology company has announced that it has moved its business and all its entities, including IndusOS Appstore (OSLabs Pte Ltd), from Singapore to India. This means that all PhonePe Group businesses and organizations are now wholly owned and incorporated under PhonePe Pvt Ltd India.
In a statement, PhonePe said the entire relocation process from Singapore to India was completed in three steps. The first step involves the transfer of all business operations, including the Property Brokerage and Insurance Services businesses, and subsidiaries of PhonePe Singapore directly to PhonePe Pvt Ltd – India Degree.

“Secondly, PhonePe’s board of directors recently approved the creation of a new ESOP plan and migrated over 3,000 existing ESOPs of PhonePe Group employees by releasing new ESOPs under PhonePe India’s new plan. ,” the company added.
Finally, PhonePe has also transferred ownership of the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India under new automated Overseas Direct Investment (ODI) rules. Under new automated ODI rules, non-financial services Indian companies can now directly invest in offshore financial services firms and they don’t need the Bank’s prior approval. Reserve India. ODI via Automated Route is handled by an Authorized Correspondent Bank.

PhonePe opens new office in Pune
Recently, PhonePe announced the opening of a new office in Pune with a capacity of nearly 400 employees. The office is spread over 50,000 square feet and it includes a 3,000 square foot cafeteria.
PhonePe made its foray into financial services in 2017 and they recently announced that they have enabled online payments to 80,000 merchants over the past 18 months as part of the Facility Development Fund program. Payments Infrastructure (PIDF) of the Reserve Bank of India. In addition to receiving and sending money on the platform, users can also recharge mobile, DTH, and pay bills from one aggregator app.

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