Although the purchase of land overseas isn't banned, the plot needs to be used for valid purposes, which is why companies are allowed to buy property for commercial operations.
The digital payment company is seeking a valuation of USD 8-10 billion and plans to list on Indian bourses. Get more IPO News and Business News on Zee Business.
Over the past year, PhonePe has moved all businesses and subsidiaries including Insurance Broking Services and Wealth Broking businesses of PhonePe Singapore to PhonePe Pvt Ltd - India.
Fintech player PhonePe, a part of the Walmart Inc-controlled Flipkart group, on Monday said it has completed the process of moving its domicile from Singapore to India. PhonePe Moves Domicile From Singapore to India.