Mumbai2 days ago
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PhonePe has the highest 47.72% stake in the UPI app market.
Walmart’s digital payment company Phonpe has converted itself from private to public company before IPO (Initial Public Offer). The company has changed Phonpe Private Limited to PhonePe Limited on 16 April.
PhonePe has informed about this in the document sent to the Registrar of Companies (ROC). This process is part of the legal process required for listing in the Indian stock market. Phonpe started planning for IPO in February.
The company is considering bringing an IPO on valuation of about $ 15 billion (Rs 1.28 lakh crore). For this, Kotak Mahindra Capital, JP Morgan and Morgan Stanley have been appointed as advisors.
Corporate Affairs Ministry will get approval
The name of the company is yet to be approved by the Central Processing Center of the Ministry of Corporate Affairs. The IPO process will proceed after the new Certificate of Incorrect release.
Headquarters shifted from Singapore to India for IPO
Earlier, the company shifted its headquarters from Singapore to India in December 2022. Along with this, the company distributed its non-payment business separate subsidiary companies.
Phonpe shifted its headquarters from Singapore to India in December 2022.
Revenue of ₹ 5,064 crore generated in FY 2024
In FY23-24, the company’s revenue was increased by 73% to Rs 5,064 crore. The company made a profit of Rs 197 crore in 2024 in 2023 against a loss of Rs 738 crore.
