PhonePe, India’s leading digital payments platform, has officially transitioned from a private limited company to a public limited one, a key step towards its much-anticipated IPO. The company informed the Registrar of Companies (RoC) that its name has been changed from PhonePe Private Ltd to PhonePe Limited, following an Extraordinary General Meeting on April 16. This change is pending final approval from the Ministry of Corporate Affairs.Backed by Walmart, PhonePe had announced in February its intent to begin IPO preparations. As per reports, the company has appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as IPO advisors and is eyeing a valuation of up to $15 billion.
PhonePe redomiciled from Singapore to India in December 2022 and has since set up a clear corporate structure with its new non-payment verticals operating as fully owned subsidiaries.
PhonePe is currently India’s largest UPI player, commanding nearly 48% of the market, followed by Google Pay at around 37%.(Edited by : Ajay Vaishnav)
