Walmart-backed PhonePe may seek $1.5 billion in Indian IPO

Walmart Inc.’s PhonePe, India’s largest provider of digital payments, is preparing to file preliminary documents for an initial public offering that may raise as much as $1.5 billion, according to people familiar with the matter.

The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, the people said, asking not to be identified because the information is private.

The discussions are still ongoing, and things are still subject to change, the people said.


PhonePe, which was founded in 2015, says it has more than 610 million registered users and handles 340 million transactions daily. It raised $100 million in 2023 from Ribbit Capital, Tiger Global Management, and TVS Capital Funds, valuing the company at $12 billion at the time, according to the company announcement.

A PhonePe spokesperson didn’t respond to a request for comment.

The company has tapped Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley to arrange the offering.