Summary: PhonePe, India’s leading digital payments platform, is preparing for an initial public offering (IPO) on Indian stock exchanges. Walmart CEO Doug McMillon confirmed the plan, highlighting PhonePe’s long-standing aspiration to go public. The company’s strong revenue and profit growth, as reflected in its FY23-24 annual report, make this an ideal time for the move. Holding a dominant 48% share of the UPI market, PhonePe leads the sector, followed by Google Pay at 37%. The IPO places PhonePe among a growing group of Indian tech unicorns gearing up for public listings.
Bengaluru-based digital payments giant PhonePe is laying the groundwork for an initial public offering (IPO) on Indian stock exchanges, marking a significant milestone in its growth trajectory.
Doug McMillon, CEO of Walmart, confirmed the company’s intent to take PhonePe public. “PhonePe, our fintech business, is making preparations for an IPO in India. Our PhonePe team has long aspired to be a public company, and we are excited to be taking these early steps,” McMillon stated in a company announcement on Tuesday.
PhonePe has cited strong revenue and profit growth across its diversified business portfolio as a key factor in considering the IPO. The company’s FY23-24 annual report highlights its robust financial performance, making this an opportune moment for the move.
As India’s largest real-time mobile payments provider, PhonePe dominates nearly 48% of the Unified Payments Interface (UPI) market. Its closest competitor, Google Pay, holds approximately 37% of the market share.
The IPO announcement places PhonePe among a growing cohort of Indian tech unicorns preparing to enter the public markets. With its market leadership and continued expansion in the fintech space, PhonePe’s listing could be a significant event in India’s financial sector.
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Last Updated on Friday, February 21, 2025 5:30 pm by Startup Times
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