PhonePe becomes public entity, targets $15 billion valuation ahead of IPO

Fintech Major Phonepe, a prominent player in the digital payment sector in India, has become a general limited company, which indicates the decisive progress towards its initial public offering (IPO). After an extraordinary general meeting on April 16, this shift concluded the final approval by the Ministry of Companies Affairs. The company aims to secure an evaluation of up to 15 billion dollars, while highlighting its engine to expand and consolidate its location in the Fintech market in India. With the support of Walmart, Phonepe has recruited Kotak Mahindra Capital, JP Morgan, Citi and Morgan Stanley as a public subscription consultant.

This strategic shift is part of the restructuring of the comprehensive companies of Phonepe, which witnessed that the company is transporting its home from Singapore to India in December 2022. The restructuring of this unpaid lunar included fully -owned companies, which shows the Phonepe strategy to diversify and enhance it beyond digital payment. The reorganization reflects the intention of Phonepe to enhance operational efficiency and ensure compliance within its basic market, India.

On February 20, Walmart’s digital payment platform announced that it takes preliminary steps towards possible public subscription. Later, on February 25, news reports revealed that Phonepe appointed Kotak Mahindra Capital, JP Mortan, Citi and Morgan Stanley as a public subscription consultant, with the aim of evaluating about 15 billion dollars.

During the extraordinary general meeting on April 16, the company agreed to change the name from “Phone Private Limited” to “Phonepe Limited”, according to a document submitted by ROC.

Phonepe restored its headquarters from Singapore to India in December 2022, where it established a clear structure for companies with its new unpaid companies as fully owned branches. Its value is estimated at about $ 12 billion in the latest tour of its own donation, and the company that is based in Bangaluru is currently ordering approximately 48 % of the UPI, which was placed in its position as a leader in front of competitors such as Google Pay, which holds about 37 % of the market share.

Since the company is preparing for public subscription, its prevailing share in the market in the UPI ecosystem is a major component of its evaluation strategy. The presence of the strong market in Phonepe confirms its pivotal role in the advanced Fintech scene in India, where digital payments continue to grow quickly.

In the fiscal year 2024, Phonepe recorded a significant increase in revenue by 73 percent on an annual basis, with a total of 5,064 rupees. Its profit after tax (PAT) for the year 197 rupees, a noticeable improvement in the loss of 738 rupees in the previous year.