GlobalData
1 min read
Walmart-backed Indian fintech firm PhonePe is gearing up for an initial public offering (IPO) to raise up to $1.5bn, Bloomberg reported citing people familiar with the matter.
The IPO is expected to value the company at approximately $15bn, with plans to file a draft red herring prospectus as early as August, Bloomberg added.
Founded in 2015, PhonePe is India’s “largest” digital payments provider, boasting over 610 million registered users and processing 340 million rupees of transactions daily, per Bloomberg.
According to Reuters, the company serves more than 600 million registered users across 40 million merchants, handling over 310 million online transactions daily via India’s unified payments interface (UPI).
In 2023, PhonePe raised $100m from Ribbit Capital, Tiger Global Management, and TVS Capital Funds, valuing the company at $12bn at the time.
The firm has engaged Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc., and Morgan Stanley to manage the offering, Bloomberg reported.
Discussions remain ongoing, and details may change, according to Bloomberg’s sources.
A PhonePe spokesperson did not respond to Bloomberg’s request for comment.
In May this year, PhonePe launched an upgraded version of its SmartSpeaker, a device designed to facilitate payment voice notifications for merchants.
The latest iteration of the SmartSpeaker is manufactured in India and retains the voice notification feature of the original model, which was introduced in 2022.
The device supports 21 language options and includes a celebrity voice feature.
In April, the company introduced the UPI Circle feature on its app, enabling users to make payments to family members, friends, or other trusted individuals within a designated group.
"PhonePe reportedly planning $1.5bn India IPO – report " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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