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PhonePe gears up for IPO by 2023, eyes a valuation of $7-10 billion

The company's foray into financial services is going to play a key role in the firm becoming profitable and going public

PhonePe
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The company said it became the fastest-growing insure-tech distributor in India, and mutual funds (MFs) have seen investment from more than 5,000 cities.

Peerzada Abrar Bengaluru
Walmart-owned digital payments firm PhonePe has started gearing up for an initial public offering (IPO) by 2023 and is eyeing a valuation of $7-10 billion.

The company’s foray into financial services is going to play a key role in the firm becoming profitable and going public.

“The Walmart leadership has told PhonePe and Flipkart about building the ‘path to profitability’ and PhonePe has set a target to be profitable by 2022,” said a person with knowledge about PhonePe’s IPO plans.

“All employees at PhonePe have started working towards that goal. The company is partnering and providing value-added services to kiranas

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First Published: Aug 24 2020 | 6:02 AM IST

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