PhonePe IPO: The giant payments company PhonePe has no plans to bring an IPO yet. However, it has not been ruled out in the future.
PhonePe IPO: The giant payments company PhonePe has no plans to bring an IPO yet. A day earlier, news agency PTI, quoting sources, had reported that the company is looking at an IPO to expand its portfolio of financial services and expand its UPI-based payments operations. After this information became public, the co-founder and CEO of PhonePe quipped that the company is his, yet he is not aware that its IPO is coming.
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the company denied
A day ago some reports claimed that PhonePe is planning to bring an IPO at a valuation of $800 million (Rs 62456 crore) – $1000 million (Rs 78070 crore). After this, the company denied this and said that until its core business becomes profitable and the new business does not strengthen its position in the market, it will not consider bringing an IPO. However, the source also gave such information that The company will bring IPO only after it becomes profitable and it expects that the company will be profitable by 2023 next year.
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PhonePe was launched seven years ago
PhonePe was started almost seven years ago in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari and Burjin Engineer. After this, it was bought by the giant e-commerce company Flipkart the very next year. Two years later, in the year 2018, when Walmart bought the Flipkart Group, PhonePe also became a part of it. Flipkart holds 87 percent and Walmart 10 percent in PhonePe. PhonePe is a registered company in Singapore but now preparations are being made to bring it to India. The board of the company has approved the proposal to move the holding company out of Singapore and register it in India.
