PhonePe prepares to file for $1.5 billion IPO at $15 billion valuation

New Delhi: PhonePe, the digital payments company backed by Walmart, is preparing to file for an initial public offering (IPO) in India that could raise up to $1.5 billion. The proposed deal is expected to value the company at approximately $15 billion.

People familiar with the matter said the fintech firm is likely to submit a draft red herring prospectus as early as August. Discussions around the offering are said to be ongoing, and the final structure may still be subject to changes.

Founded in 2015, PhonePe claims to have over 610 million registered users and processes transactions worth Rs 340 million daily. The company last raised $100 million in 2023 from Ribbit Capital, Tiger Global Management, and TVS Capital Funds, with the funding round valuing the firm at $12 billion at the time, as per an earlier announcement.

A spokesperson for PhonePe did not respond to a request for comment regarding the planned listing.

The company has appointed Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley as lead managers for the IPO.