<p><em>By Rajesh Mascarenhas and Baiju Kalesh</em></p><p>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.</p><p>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.</p><p>The discussions are still ongoing and things are still subject to change, the people said.</p>.Karnataka HC dismisses PhonePe's petition against police notice in betting case.<p>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. </p><p>A PhonePe spokesperson didn’t respond to a request for comment.</p><p>The company has tapped Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley to arrange the offering. </p>
<p><em>By Rajesh Mascarenhas and Baiju Kalesh</em></p><p>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.</p><p>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.</p><p>The discussions are still ongoing and things are still subject to change, the people said.</p>.Karnataka HC dismisses PhonePe's petition against police notice in betting case.<p>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. </p><p>A PhonePe spokesperson didn’t respond to a request for comment.</p><p>The company has tapped Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley to arrange the offering. </p>