PhonePe Plans To Shift Headquarters From Singapore To India PhonePe was valued at $5.5 billion with its latest fundraise of $700 million and the e-commerce firm, Flipkart, continues to remain its biggest shareholder

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


PhonePe, a Walmart group digital payments firm, reportedly, plans to shift its headquarters from Singapore to India. According to available resources, Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and not decided to shift its base.

"We are in the process of moving our registered entity from Singapore to India," said a PhonePe spokesperson in a statement.

The location to where the company plans to shift and the reason for the change is not yet revealed. As per earlier reports, PhonePe was valued at $5.5 billion with its latest fundraise of $700 million and the e-commerce firm, Flipkart, continues to remain its biggest shareholder.

"We are moving our holding company to India, and we will list here. Our board has already signed off on it. It is just a matter of time now. We are a made in India company. Every office, data centre and employee of ours is here. There is no reason why we should not contribute to wealth creation in this market," said Sameer Nigam, PhonePe founder and CEO, while speaking in an episode of CNN News18's Bits to Billions, on June 2022.

As per reports, PhonePe had crossed the 250 million registered user milestone, with more than 100 million monthly active users, generating nearly one million digital payment transactions in 2020.

PhonePe is a digital payment and financial technology company, with a vision to build a large, scalable and open transaction ecosystem that creates the maximum positive impact for all stakeholders. In 2016, e-commerce platform Flipkart acquires PhonePe. As per company website, in 2020, PhonePe became the fastest growing insure-tech distributor with a sale of 5 lakh policies in 5 months and crosses 250 million registered users mark, with a market-leading share of over 40 per cent in UPI transactions.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Business Plans

12 Reasons You Need a Business Plan

In the new book "Write Your Own Business Plan," business expert Eric Butow breaks down how a solid business plan can save your startup during those tough early days.

Cryptocurrency / Blockchain

Why the Next Crypto Bull Run Will Be Like Nothing We've Ever Experienced

We are on the precipice of what could be the greatest transfer of wealth that has ever happened in human history.

News and Trends

How The 28% GST On Online Gaming Will Influence The Development Of The Gaming Market In India

The 28% GST on online gaming is a tax rate that will apply to the entire amount collected from the players who participate in online gaming activities, such as rummy, poker, fantasy sports, esports, etc.


Chris Hemsworth Used to Bomb Auditions. Then This Mindset Shift Made Him a Movie Star, and the Founder of a $200 Million Startup.

The Australian actor won't let himself forget where he came from, and what the point of success is.

Thought Leaders

The Harder You Work, the Luckier You Get

How to actively cultivate lucky breaks through a consistent approach to entrepreneurship and hard work.

Growth Strategies

Luck Never Made Your Buck, Patience Is the Only Arbitrage

There is no set mantra for success but the ingredients are set in stone