Walmart-backed PhonePe targets $10.5B valuation in India IPO | News.az

Walmart-backed Indian fintech giant PhonePe is targeting a valuation of $9 billion to $10.5 billion in its upcoming initial public offering (IPO), sources familiar with the matter said. The IPO could raise around $900 million to $1.05 billion, marking a lower valuation than the $12 billion private round PhonePe closed in 2023.

Walmart plans to trim its stake by about 12%, while Microsoft and Tiger Global also aim to exit, collectively selling 50.7 million shares. No new shares will be issued by PhonePe, News.Az reports, citing Reuters.

With more than 650 million registered users, PhonePe processed nearly half of all UPI payments in January, regulatory data shows. Despite strong adoption, analysts note that monetisation remains a challenge, as payments in India remain a low-margin business.

The IPO, expected by April, would be India’s second-largest fintech listing, behind Paytm’s $20 billion debut in 2021, although market conditions and geopolitical tensions could affect timing.

News.Az

By Aysel Mammadzada