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

Walmart Inc.-backedPhonePe Ltd., India’s largest digital payments provider, has filed preliminary documents through the confidential route for an initial public offer, which may raise as much as $1.5 billion and value the fintech company at about $15 billion.

PhonePe has pre-filed a draft red herring prospectus with market regulator Securities and Exchange Board of India and the stock exchanges, a company spokesperson said.

Founded in 2015, PhonePe has more than 610 million registered users and handles about 340 million transactions daily. In 2023, it raised $100 million from Ribbit Capital, Tiger Global Management and TVS Capital Funds, valuing ...