PhonePe investors had to pay Rs 8,000 cr taxes to shift base to India: CEO

Sameer Nigam says move worked due to presence of long-term investors such as Walmart, Tencent and several balance sheet investors who can take a multi-decade view

PhonePe’s investors had to pay about Rs 8,000 crore in taxes to allow the fintech firm to domicile in India from Singapore, said PhonePe’s co-founder and chief executive officer Sameer Nigam.

“If you want to move from any other market to India as a domicile it is treated as a capital gains event for existing investors. So you have to do a fresh market valuation and pay tax on the delta. Our investors have paid almost Rs 8,000 crore in taxes just to allow us to come back to India,” said Nigam during the firm’s first Youtube Live session along