Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India, according to a source privy to the development.
Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base.
When contacted, a PhonePe spokesperson confirmed the development.
"We are in the process of moving our registered entity from Singapore to India," the PhonePe spokesperson said.
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An email query sent to Flipkart elicited no reply.
Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years.
The e-commerce firm continues to be its biggest shareholder.
As per the last fundraise of $700 million, about Rs 5,172 crore, PhonePe was valued at $5.5 billion.
PhonePe had crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions in October 2020.