Walmart-backed digital payments firm PhonePe is preparing to shift its headquarters from Singapore to India, Business Standard reported citing a source familiar with the development.

The proposed location of its headquarters in India and the reason behind the move were not revealed. The firm currently has offices in Bengaluru, Mysuru, Hyderabad and New Delhi.

A spokesperson for PhonePe confirmed the development to the publication.

The person said: “We are in the process of moving our registered entity from Singapore to India.”

Flipkart, which owns the controlling stake in the firm, is expected to remain headquartered in Singapore, according to reports.

The e-commerce firm partially spun off PhonePe in December 2020, in a move to enable the payment firm to tap dedicated capital to fund its growth in the next three to four years.

Flipkart acquired PhonePay in 2016, nearly a year after it was founded by Flipkart executives Sameer Nigam and Rahul Chari.

Launched in 2016, PhonePe was last valued at 5.5bn following its $700m funding round which was led by Walmart with participation from investors of Flipkart.

In April last year, the firm raked in a fresh funding of $28m from Flipkart, following a $500m investment in 2017.

Last May, PhonePe reportedly struck a deal to purchase the home-grown app and content discovery platform IndusOS for approximately $60m.

IndusOS, which enabled content and app discovery for users, app developers, and OEMs, was expected to further enhance the payment startup’s Switch which aggregates multiple app, including Goibibo, Ola, redBus, Myntra, Grofers, on a single platform.

As of October 2020, the firm had 250 million registered uses and over 100 million monthly active users (MAU) generating nearly one billion digital payment transactions.