PhonePe plans to raise $1.5B via IPO at $15B valuation
What's the story
Walmart-backed PhonePe, India's leading digital payments company, is gearing up for an initial public offering (IPO) that could raise as much as $1.5 billion. The move would value the fintech giant at around $15 billion. According to Bloomberg, the company plans to file a draft red herring prospectus (DRHP) for the listing by August at the earliest.
Company profile
It has over 610M registered users
Founded in 2015, PhonePe has grown exponentially over the years. The company now boasts over 610 million registered users and processes more than 330 million transactions daily. To note, in 2023, it raised $100 million from Ribbit Capital, Tiger Global Management, as well as TVS Capital Funds at a valuation of $12 billion.
IPO strategy
PhonePe has hired these firms to assist with IPO
As part of its IPO preparations, PhonePe has roped in Kotak Mahindra Capital, JPMorgan Chase & Co, Citigroup Inc, and Morgan Stanley. These firms will help the company with its public offering process. However, it's worth noting that such discussions are still ongoing and the final details may change as the process unfolds.