Walmart-backed Indian fintech company PhonePe is reportedly gearing up to file preliminary documents for its much-anticipated initial public offering (IPO), aiming to raise up to $1.5 billion, according to a Bloomberg report citing sources familiar with the matter.
The proposed IPO could value the digital payments giant at approximately $15 billion. According to the report, PhonePe plans to submit its draft red herring prospectus (DRHP) by August, taking a major step toward its public market debut.
As of now, neither PhonePe nor its parent company Walmart has issued an official response to requests for comment from Reuters regarding the development.
The company ranks among the most widely used digital payment platforms in India and plays a leading role in driving transactions through the Unified Payments Interface (UPI), the real-time payment system developed by the National Payments Corporation of India (NPCI).
With a robust user base of over 600 million registered users, PhonePe has established a strong presence across the country. More than 40 million merchants, from small local vendors to large retail chains, accept PhonePe as a payment platform. The platform handles over 310 million digital transactions every day, underscoring its critical role in India’s rapidly growing digital economy and its dominance in the fintech space.
PhonePe’s plans to raise $1.5 billion through an IPO not only reflect its strong market position but also highlight the growing investor confidence in India’s digital payments ecosystem. With a massive user base, extensive merchant network, and high transaction volumes, the company is well-positioned to capitalize on its momentum and further strengthen its leadership in the fintech space.
