Walmart-owned digital payments company PhonePe is also now preparing to launch an IPO. The company has announced that it is taking initial steps to get listed on the Indian stock exchanges. With this, another company has joined the queue for IPO.
Walmart CEO Doug McMillon said, 'Our fintech company PhonePe is preparing to bring IPO in India. For a long time, our PhonePe team has wanted to become a public company and we are very excited to take steps in this regard.' PhonePe transferred its headquarters from Singapore to India in December 2022.
The company says that it has prepared a corporate structure and each of its new non-payment businesses is like a wholly-owned subsidiary. The company said, 'If we talk about PhonePe's 2023-24 annual report, then the excellent revenue and profit growth of its entire business portfolio makes it a better option for public listing.'
The company's valuation in the recent funding round was estimated at $12 billion.
The biggest UPI app
This Bangalore-based company is the country's largest digital payments entity and has a market share of about 48 percent in the Unified Payments Interface (UPI). The second largest player in this segment is Google Pay, which has a market share of about 37 percent. The National Payments Corporation of India (NPCI) is also encouraging other fintech apps to make UPI as competitive as possible. The institution had earlier announced that no single non-bank third party app would be allowed to have more than 30 percent market share.
