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By Rajesh Mascarenhas and Baiju Kalesh
Walmart Inc.’s PhonePe, India’s largest provider of digital payments, is preparing to file preliminary documents for an initial public offering that may raise as much as Rs 13,018 crore ($1.5 billion), according to people familiar with the matter.
The deal would value the fintech company at about Rs 1,30,151 crore ($15 billion), and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, the people said, asking not to be identified because the information is private.
The discussions are still ongoing and things are still subject to change, the people said.
PhonePe, which was founded in 2015, says it has more than 610 million registered users and handles 34 crore transactions daily. It raised Rs 867 crore ($100 million) in 2023 from Ribbit Capital, Tiger Global Management and TVS Capital Funds, valuing the company at Rs 1,04,149 crore ($12 billion) at the time, according to the company announcement.
A PhonePe spokesperson didn’t respond to a request for comment.
The company has tapped Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley to arrange the offering.