Walmart Inc-backed PhonePe is aiming to raise funds through an initial public offering (IPO) with a view to expand its financial services portfolio and deepen its core unified payments interface (UPI)-based payments operations.
According to investment banking sources, the digital payments company is seeking a valuation of $8-10 billion.
The company will list on the Indian stock exchange. It plans to go public once its core businesses turn profitable, which it aims to achieve by 2023.
Additionally, PhonePe has initiated plans to move its registered holding entity from Singapore to India, underlining its ‘made in India’ credentials. The firm’s board has already ratified the proposal for the same.
Further, the company plans to expand its talent base to 5,200 by the end of December 2022 to ride on the burgeoning UPI-based transactions in India.
Currently, PhonePe holds a mutual fund distribution licence and will add stocks and exchange-traded funds to its list of wealth management products. It also plans to launch UPI systematic investment plan (SIP) for investment in gold. The company was also in the process of integrating its processes with the open network for digital commerce (ONDC) pilot.
