PhonePe: Singapore’s PhonePe is now an Indian company, process completed in three steps, preparing to bring IPO.

PhonePe, a payment and financial services company, has now become an Indian company instead of Singapore. The company is preparing to bring an IPO. On Monday, PhonePe said that the process of planning to bring the domicile from Singapore to India has been completed. After completion of this process, PhonePe Group’s business and companies are now owned by PhonePe Private Limited (India).

The company said that the process of bringing India from Singapore has been completed in three phases. In the first phase last year PhonePe Singapore business and subsidiary were transferred directly to PhonePe Private Limited India. It also includes insurance broking and wealth broking services.

As part of the second phase, PhonePe’s board recently approved the creation of a new Employee Stock Option (ESOP) and replacement of existing ESOPs of over 3,000 employees. After this, in the final phase, under the Overseas Direct Investment rule, PhonePe shifted the recently purchased App Store from Singapore to India. The company expects to turn profitable by next year. Only then will she prepare for the IPO.