PhonePe gears up for $1.5B IPO, targets $15B valuation
The move could catapult the digital payments giant to a $15 billion valuation, a sharp leap from its $12 billion mark during its last funding round in 2023.
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Walmart-backed PhonePe is charging toward the public markets with plans to file for a IPO that could raise up to $1.5 billion, Bloomberg reported. As per the media report, the move could catapult the digital payments giant to a $15 billion valuation, a sharp leap from its $12 billion mark during its last funding round in 2023.
India’s most-used digital payments platform is expected to file its draft red herring prospectus (DRHP) as soon as August, as it seeks to ride a wave of fintech optimism and favorable market conditions. The IPO, one of the most anticipated in India’s tech space, is being orchestrated by a powerhouse syndicate - Kotak Mahindra Capital, JPMorgan, Citi and Morgan Stanley.
Founded in 2015, PhonePe boasts a staggering 610 million registered users and processes 340 million transactions daily, cementing its dominance in UPI and digital commerce across Bharat’s urban and rural frontiers.
The timing of this public debut signals more than just capital ambition, it marks a turning point in India’s maturing digital economy. With competition heating up in financial services and super-app ambitions, PhonePe’s IPO could reshape the contours of India’s next-gen fintech landscape.
