PhonePe's IPO Journey: India's Fintech Powerhouse Sets Stage

India's top fintech firm, PhonePe, is gearing up for its IPO, having engaged major bankers Kotak Mahindra, JPMorgan, Citigroup, and Morgan Stanley. With a valuation of USD 12 billion, PhonePe has seen significant financial growth and investor interest, led by Walmart. The IPO plans are in development.

The country's leading fintech company, PhonePe, has taken significant strides towards launching its initial public offering (IPO) by engaging with leading financial institutions such as Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, according to sources familiar with the matter.

The Walmart-backed company, which secured Rs 7,021 crore at a pre-money valuation of USD 12 billion in its last funding round, is set to make headlines with its forthcoming IPO. Key investors in the company include General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global, who bolstered its financial stature through the fiscal year 2023.

PhonePe has demonstrated remarkable growth since its inception in 2016, reporting a consolidated net profit of Rs 197 crore for FY24 and a massive increase in daily transactions. However, details of the much-anticipated IPO remain under wraps as the company prepares for its next big leap.

(With inputs from agencies.)