MUMBAI: Walmart-owned PhonePe is preparing for a public listing in India, joining a clutch of tech startups that are tapping the IPO route to grow and take advantage of the richer valuations the local public markets tend to offer.
The preparations are at a preliminary stage, the company said in a statement without sharing details. “Our PhonePe team has long aspired to be a public company and we are excited to be taking these early steps,” Doug McMillon, president and CEO at Walmart, said during the company’s earnings call on Thursday.
“PhonePe’s strong top-line and bottom-line growth across its diverse business portfolio makes this a suitable time to prepare for a public listing,” the company said.
Executives at Walmart said that the PhonePe business hit a total payment value (TPV) of Rs 1.7 lakh crore at the end of Jan and the company processes over 300 million daily transactions.
PhonePe is currently valued at $12 billion.
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