Walmart-Owned PhonePe Prepares for $1.5 Billion IPO in India

PhonePe, the Indian digital payments provider majority-owned by Walmart, is advancing toward a $1.5 billion initial public offering. The company aims to list on Indian exchanges as early as August, targeting a valuation of approximately $15 billion. Kotak Mahindra Capital, JPMorgan, Citigroup, and Morgan Stanley are advising on the deal.

With over 610 million registered users and daily transactions worth 340 million rupees, PhonePe dominates India's payments landscape. The platform's growth reflects broader trends in digital wallet adoption, now used for 55% of retail purchases in the country. Walmart has demonstrated continued confidence, participating in funding rounds totaling $300 million earlier this year.

India's payment sector continues to expand rapidly, driven by increasing affluence and technological adoption among its 1.4 billion population. PhonePe's IPO will test investor appetite for fintech ventures in emerging markets.