Walmart -backed Fintech Indian company, Phonepe, is preparing for an initial public offer (IPO) to raise up to $ 1.5bn, Bloomberg He reported and identified people who are familiar with the matter.
The IPO is expected to price the company at approximately $ 15bn, with plans to file a red herring draft prospectus as early as August, Bloomberg added.
Founded in 2015, Phonepe is India's “biggest” digital payments provider, which boasts over 610 million registered users and processes 340 million rupees of daily transactions, per Bloomberg.
Back Reuters. The company serves more than 600 million registered users across 40 million traders, handling over 310 million transactions at -lein daily through the India Unified Payments Interface (UPI).
In 2023, Phonepe raised $ 100m from Ribbit Capital, Tiger Global Management, and TVs Capital Funds, pricing the company at $ 12bn at the time.
The company has engaged Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc., and Morgan Stanley to control the offering, Bloomberg reported.
Discussions are ongoing, and details can change, according to Bloomberg sources.
A Phonepe spokesman did not respond to Bloomberg's request for attention.
In May this year, phonepe launch an upgraded version From its SmartSpeaker, a device designed to facilitate payment voice notifications for traders.
The latest iteration of the Smartspeaker is manufactured in India and retains the voice notification feature of the original model, introduced in 2022.
The device supports 21 language options and includes a famous voice feature.
In April, the company introduced the UPI Circle Feature On his app, enabling users to make payments to family members, friends or other trusted individuals within a designated group.
“Phonepe planned $ 1.5bn India IPO – Report” was originally created and published by International Electronic PaymentsBrand owned by Globaldata.
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