Feb 20, 2025 08:08 PM IST
Walmart-owned PhonePe has begun making ready for an IPO in India, the corporate introduced on Thursday.
India’s largest fintech agency PhonePe has begun making ready for an preliminary public providing (IPO) of its shares on Indian exchanges, the corporate introduced on Tuesday. The Walmart-owned firm was valued at $12 billion throughout its final funding spherical in 2023.
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“The company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe stated in a press release.
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“PhonePe’s strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing,” the corporate stated.
In December 2022, PhonePe redomiciled from Singapore to India for which it needed to pay round ₹8,000 crore in taxes to the federal government.
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PhonePe presently instructions an enormous 48% market share in UPI. It’s adopted by Google Pay, which holds a 37% market share.
PhonePe founder Sameer Nigam had talked about that the corporate wouldn’t go for an IPO till there was readability in the marketplace share cap. “The UPI market cap overhang is definitely a problem for us. I feel nervous going into the market if there’s a 30 percent market share cap lurking or booming and going and asking retail investors to put money against today’s market share of PhonePe,” he defined.
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In FY24, the Bengaluru-based firm reported a 73 p.c year-on-year enhance in income at ₹5,064 crore on the again of value effectivity and product diversification. PhonePe Group recorded adjusted Revenue After Tax (PAT) of ₹197 crore, towards a lack of ₹738 crore within the earlier 12 months.
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