Why startups are flipping back to India in spite of the hefty tax bill – Business Standard

In October 2022, the Walmart owned fintech firm, PhonePe , said it was moving its domicile from Singapore to India. In today s lingo, it reverses flipped. As part of this, it had to go through three steps. First, it moved all its businesses, including insurance and wealth broking, and all subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd India.