Ahead of IPO, PhonePe transitions from private to public company
What's the story
PhonePe, one of the leading digital payments platforms in India, has transitioned from a private to a public limited company.
The move comes as part of the firm's preparations for its much-anticipated initial public offering (IPO), which it hopes will be valued at $15 billion.
PhonePe announced the change in status in a regulatory filing with the Registrar of Companies (RoC).
Company evolution
Transformation and relocation journey
PhonePe will now function under the name "PhonePe Limited," after it converted into a public limited company under the Companies Act of 2013.
The firm made history by becoming the first Indian entity to shift its base from Singapore to India in 2022.
This move included an investment of over ₹8,000 crore ($1 billion) in taxes as part of this transition process.
Business success
Financial performance of the company
In December 2023, PhonePe raised $100 million in a $1 billion funding round at a pre-money valuation of $12 billion.
Walmart is PhonePe's majority shareholder, with other notable investors being Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority.
The company posted a revenue of over ₹5,000 crore in FY24, while trimming losses by 28.6% to ₹1,996 crore in the year.