PhonePe, a leading Indian fintech firm backed by Walmart, has officially transitioned into a public limited company, marking a significant milestone in its journey towards a much-anticipated initial public offering (IPO). This transformation was finalized following an Extraordinary General Meeting held on April 16 and is currently pending final approval from the Ministry of Corporate Affairs.Business Today
The company aims to achieve a valuation of up to $15 billion in its upcoming IPO. To facilitate this, PhonePe has enlisted the expertise of prominent financial advisors, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley.
This strategic move is part of PhonePe’s broader corporate restructuring efforts, which began with its relocation from Singapore to India in December 2022. The restructuring also involved the establishment of non-payment business verticals as wholly-owned subsidiaries, reflecting PhonePe’s intent to diversify its operations beyond digital payments and strengthen its foothold in the Indian market.
In the fiscal year 2024, PhonePe reported a remarkable 73% year-on-year increase in revenue, totaling ₹5,064 crore, underscoring its robust financial performance and growth trajectory.Business Today+5Business Today+5Business Today+5
Source (full link):
https://www.businesstoday.in/latest/corporate/story/phonepe-becomes-public-entity-targets-15-billion-valuation-ahead-of-ipo-472697-2025-04-19
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