PhonePe will likely go for an India listing: Walmart CEO
In March, PhonePe raised another $200 million from its largest shareholder Walmart at a pre-money valuation of $12 billion
- May 12, 2023,
- Updated May 12, 2023 9:10 PM IST
Fintech firm PhonePe will likely go for an India listing, Walmart’s President and CEO, Doug McMillon told an Indian newspaper. “We are really pleased that it’s (PhonePe) now domiciled here, and that would indicate we would most likely list in India when its time. But the decision on Flipkart's listing hasn’t been made yet," he told Economic Times.
“The performance of Flipkart's payments company PhonePe has seen a significant upside and it chose to enter the e-commerce business; it won’t compete with sister company Flipkart as both will be focused on serving their own interests,” McMillon added.
During an interview with CNN News18 last year, PhonePe CEO Sameer Nigam said: “We are a made in India company. Every office, data centre and employee of ours is here. There is no reason why we should not contribute to wealth creation in this Market,”
At a $12-billion valuation, PhonePe is India’s most valuable fintech startup. It competes with Google Pay and Paytm, the latter of which is currently valued at nearly $5 billion.
PhonePe declared in November last year that it had finished moving its headquarters from Singapore to India. The move could now be explained as the company is getting ready to float its shares on the Indian stock exchange. PhonePe is also a Walmart subsidiary, which own 77% share in the company. Walmart also owns Flipkart, which still headquartered in Singapore.
In March, PhonePe has raised another $200 million from its largest shareholder Walmart at a pre-money valuation of $12 billion, despite "funding winter" for start-ups. The company dominates transactions on UPI, a network built by a coalition of retail banks in India. UPI is the most popular way Indians transact online — it processes more than 8 billion transactions a month. Google’s GPay and PhonePe currently process more than 80% of all UPI transactions.
PhonePe is also slowly becoming a distribution engine, leveraging its large base of 450 million registered users to cross-sell products such as insurance. The start-up said it plans to deploy funds from the funding round to build and scale wealth management, lending, stockbroking, ONDC-based shopping and account aggregation businesses.
Also Read : Fintech major PhonePe raises additional $200 million from Walmart
Also Read : General Atlantic infuses $100 mn more into PhonePe’s ongoing $1 billion funding round
Also Read : PhonePe forays into e-commerce on ONDC, launches dedicated hyper-local app ‘Pincode’
Fintech firm PhonePe will likely go for an India listing, Walmart’s President and CEO, Doug McMillon told an Indian newspaper. “We are really pleased that it’s (PhonePe) now domiciled here, and that would indicate we would most likely list in India when its time. But the decision on Flipkart's listing hasn’t been made yet," he told Economic Times.
“The performance of Flipkart's payments company PhonePe has seen a significant upside and it chose to enter the e-commerce business; it won’t compete with sister company Flipkart as both will be focused on serving their own interests,” McMillon added.
During an interview with CNN News18 last year, PhonePe CEO Sameer Nigam said: “We are a made in India company. Every office, data centre and employee of ours is here. There is no reason why we should not contribute to wealth creation in this Market,”
At a $12-billion valuation, PhonePe is India’s most valuable fintech startup. It competes with Google Pay and Paytm, the latter of which is currently valued at nearly $5 billion.
PhonePe declared in November last year that it had finished moving its headquarters from Singapore to India. The move could now be explained as the company is getting ready to float its shares on the Indian stock exchange. PhonePe is also a Walmart subsidiary, which own 77% share in the company. Walmart also owns Flipkart, which still headquartered in Singapore.
In March, PhonePe has raised another $200 million from its largest shareholder Walmart at a pre-money valuation of $12 billion, despite "funding winter" for start-ups. The company dominates transactions on UPI, a network built by a coalition of retail banks in India. UPI is the most popular way Indians transact online — it processes more than 8 billion transactions a month. Google’s GPay and PhonePe currently process more than 80% of all UPI transactions.
PhonePe is also slowly becoming a distribution engine, leveraging its large base of 450 million registered users to cross-sell products such as insurance. The start-up said it plans to deploy funds from the funding round to build and scale wealth management, lending, stockbroking, ONDC-based shopping and account aggregation businesses.
Also Read : Fintech major PhonePe raises additional $200 million from Walmart
Also Read : General Atlantic infuses $100 mn more into PhonePe’s ongoing $1 billion funding round
Also Read : PhonePe forays into e-commerce on ONDC, launches dedicated hyper-local app ‘Pincode’