Walmart-backed Phonepe to run-up $15 Bn valuation for IPO

PhonePe’s most recent funding round was in May 2023, when it raised $850 million.

Ahead of its IPO debut, Walmart-backed PhonePe has converted its name from “PhonePe Private Limited” to “PhonePe Limited, according to a RoC filing from Tofler. The digital payment firm had earlier initiated plans to launch its IPO in 2025, targeting a valuation of $15 billion.

The RoC filing stated that, “Upon the approval of the conversion of the Company to a public limited company by the MCA, the name of the Company wherever appearing outside the offices, and in the books and papers, letterheads, business papers, letters, notices, official publications, or communications, website and any other document(s) of the Company be read as ‘PhonePe Limited.”

PhonePe was the first company to shift its domicile from Singapore to India. According to its FY24 annual report, the PhonePe Group reported a revenue of ₹5,064 crore, marking a 74 per cent increase from FY23. It also narrowed its net loss by ₹1,996 crore.

The company is among the list of start-ups, which includes Zepto, Lenskart, and others, that are targeting listing in India’s exchanges.

PhonePe’s most recent funding round was in May 2023, when it raised $850 million. The company has appointed JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi as advisors for its upcoming IPO.

(Report filed by bl intern Rohan Das)

Published on April 18, 2025