Indian digital payments company PhonePe has started preparing for its potential listing on Indian exchanges.
“PhonePe has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry”, the company’s release said.
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The Walmart-backed company did not set a timeline for the IPO.
However,it said that “strong top-line and bottom-line growth across its diverse business portfolio” makes the time ideal for the IPO.
PhonePe launched its digital payments app, its flagship offering, in Aug 2016.
It also expanded into other financial verticals including lending, insurance, as well as wealth.
In December 2022, the company redomiciled from Singapore to India and reorganised its corporate structure, making each of its new non-payment businesses fully owned subsidiaries.
The company reported an adjusted profit after tax of Rs 1.97bn for the fiscal year ending 31 March 2024, as against a Rs 7.38bn loss in the previous year.
PhonePe’s revenue soared to more than Rs50bn during the reporting period.
With over 590 million registered users and 40 million merchants, the company processes more than 310 million online transactions daily.
In December last year, PhonePe ended its partnership with Juspay, a SoftBank-backed payment orchestration platform, in a bid to directly integrate payment solutions for its merchants.
The company obtained a payment aggregator licence in March 2023.
