PhonePe Prepares For IPO By 2023; Seeks $7-10 Billion Valuation
Business Sphere|September - October 2020
PhonePe Prepares For IPO By 2023; Seeks $7-10 Billion Valuation
Walmart-owned PhonePe, which was hived off as a separate entity from Flipkart, is working on an initial public offering (IPO) by 2023 at a valuation of $7-10 billion. PhonePe is planning a separate listing in the US or India, depending on the market conditions, according to a Business Standard report.

Flipkart, too, is planning a US listing by 2022, the report added. US retail giant Walmart acquired a 77 percent stake in Bengaluru-based Flipkart in May 2018. 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,. All employees at PhonePe have started working towards that goal.

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September - October 2020