Walmart’s India Payments App PhonePe Files for $1.5 Billion IPO

Walmart-backed PhonePe, India's leading digital payments platform, has filed for an initial public offering (IPO) that could raise up to $1.5 billion. The company filed the preliminary documents confidentially, aiming to go public and achieve a valuation of around $15 billion. PhonePe, which is currently the largest digital payments provider in India, is a subsidiary of Walmart. The IPO is expected to provide the company with additional funds to further strengthen its position in the rapidly growing Indian fintech market. The move comes as the Indian digital payments sector continues to experience significant growth, driven by the increasing adoption of digital transactions and the government's push towards a less cash-dependent economy. PhonePe's IPO is seen as a strategic move to capitalize on this momentum and solidify its market dominance. The IPO's exact size and valuation are subject to market conditions and regulatory approvals, but the planned $1.5 billion raise suggests that PhonePe is positioning itself as a major player in the Indian fintech landscape.