Walmart-backed PhonePe, a leading digital payments company in India, has appointed four merchant bankers for its upcoming IPO. The fintech firm plans a domestic listing and aims for a valuation of up to $15 billion.
PhonePe, one of India’s leading digital payments companies backed by Walmart, has appointed four major merchant bankers—JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital—to manage its upcoming initial public offering (IPO). The fintech giant is preparing for a domestic stock market listing, with reports suggesting it could aim for a valuation of up to $15 billion.
According to CNBC-TV18, the IPO process is set to begin in the first week of March 2025. While PhonePe has not officially disclosed its fundraising target, reports indicate the company is seeking to raise billions.
PhonePe’s Shift to India and Financial Growth
Founded in 2015, PhonePe is a digital payments and financial services company providing UPI transactions, bill payments, and insurance products. It shifted its domicile from Singapore to India in December 2022, a move that resulted in a tax payment of approximately ₹8,000 crore ($1 billion) to the Indian government.
In its latest funding round in 2023, PhonePe’s valuation reached $12 billion. The company stated in its annual report that its goal is to be listed on Indian stock exchanges as a homegrown and highly regulated fintech firm. Walmart’s Luxembourg-based FIT Holdings SARL currently holds an 83.91% stake in PhonePe, while General Atlantic Singapore owns 5.14% and PhonePe’s Singapore subsidiary holds 6.7%.
PhonePe processes around 770 crore monthly transactions, amounting to a total transaction value of ₹10.5 lakh crore. As the company marks its 10-year anniversary, its IPO is expected to be a significant milestone in its journey toward expanding digital financial services in India.
