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News on Medial
Walmart-backed PhonePe seeking to raise $1.5 billion from India IPO: Bloomberg
Economic Times
·
1m ago
Medial
PhonePe, a Walmart-backed Indian fintech company, plans to raise up to $1.5 billion through its initial public offering (IPO), potentially valuing the company at nearly $15 billion, according to a Bloomberg report. The firm intends to submit draft papers by August. PhonePe is widely used in India for making payments via the Unified Payments Interface (UPI) and boasts over 600 million registered users and 310 million daily transactions.
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PhonePe To File Draft Papers For $1.5 Bn IPO By August
Inc42
·
1m ago
Medial
PhonePe, Walmart-owned fintech, is set to file draft IPO papers by August 2023, aiming to raise $1.5 billion, valuing the company at $15 billion. The company has appointed Kotak Mahindra, Citigroup, and Morgan Stanley to lead the process. Known for its dominance in the Unified Payments Interface (UPI) sector, PhonePe made its listing intentions public earlier in February, with further details about the IPO size or timeline now revealed.
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Walmart-backed Flipkart to shift base back to India from Singapore
VCCircle
·
3m ago
Medial
Walmart-backed Flipkart plans to relocate its holding company from Singapore to India, aligning its structure with core operations and preparing for a domestic IPO. This move reflects a trend where Indian startups are shifting back from overseas financial hubs like Singapore for better IPO prospects. Flipkart, originally based in Singapore since 2011, aims to follow a path similar to PhonePe, which successfully relocated to India. Walmart acquired a controlling interest in Flipkart in 2018.
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PhonePe begins IPO preparations to list in India
Economic Times
·
5m ago
Medial
PhonePe, backed by Walmart, has begun preparing for a potential IPO in India, without disclosing a specific timeline. The fintech giant, with a $12 billion valuation as of May 2023, has over 590 million users and processes 310 million transactions daily. After relocating its headquarters to India, PhonePe restructured its various ventures as separate entities. It ended FY2024 with Rs 5,064 crore in revenue, posting a net loss of Rs 1,996 crore.
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PhonePe hires JPMorgan Chase, Citigroup, Morgan Stanley and Kotak as IPO bankers: Report
IndianStartupNews
·
1m ago
Medial
PhonePe, India's leading digital payments platform, is preparing for its IPO, targeting a $1.5 billion raise which could elevate its valuation to $15 billion. To arrange the offering, PhonePe has hired four global investment banks: Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley. Having restructured into a public limited company in April 2025, PhonePe plans to file its draft red herring prospectus by August, with the listing expected later this year.
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Walmart-backed Ibotta looks to raise $551 million in upsized US IPO
Economic Times
·
1y ago
Medial
Denver-based digital marketing company Ibotta, which is backed by Walmart, is seeking to raise approximately $551 million in an upsized initial public offering (IPO) in the US. The company plans to sell a total of 6.56 million shares, with the goal of achieving a valuation of $2.55 billion. Ibotta provides a platform for brands to offer cash back rewards and promotions to customers on their daily purchases. The IPO comes amidst increased interest in AI and optimism for the US IPO market. Underwriters for the offering include Goldman Sachs, Citigroup Global Markets, and BofA Securities.
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PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart
Economic Times
·
1y ago
Medial
Walmart announces that its digital payments firm, PhonePe, has reached a Total Payment Value (TPV) of $1.3 trillion, comparable to major US fintech players. Walmart acquired PhonePe in 2018 as part of the Flipkart deal. PhonePe controls 50% of India's payments market and raised $850 million in 2023. Despite ongoing discussions about a Flipkart IPO, Walmart hasn't finalized a timeframe, focusing on improving Flipkart's financials. PhonePe and Flipkart are potential IPO candidates, with PhonePe being a leading payment company globally outside of China.
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Working with suppliers to achieve target of $10B sourcing from India: Walmart CEO
YourStory
·
1m ago
Medial
Walmart aims to reach a $10 billion sourcing goal from India by 2027, focusing on categories like apparel, food, and toys. The company has made significant progress in sourcing with increased collaboration with Indian suppliers. During his India visit, Walmart CEO Doug McMillon emphasized the growth of their ecommerce platforms Flipkart and PhonePe, and highlighted Walmart Vriddhi’s role in empowering MSMEs. Walmart has sourced goods worth over $30 billion from India in the past two decades.
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Flipkart, PhonePe on path to profitability: Walmart CFO
Economic Times
·
1y ago
Medial
Ecommerce firm Flipkart and payments services provider PhonePe, both owned by Walmart, are making progress towards profitability. Flipkart's losses in the ecommerce segment have improved, providing confidence in the financial outlook for the business. Walmart is evaluating the right time to take Flipkart public, with its profitability path influencing the timing of its IPO. PhonePe, on the other hand, has been performing well, handling approximately $1.5 trillion worth of total payment volume annually. The platform has become one of the largest payment providers in the world outside of China.
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Ather Energy plans IPO with reduced valuation, targets ₹10,461 cr
Inshorts
·
4m ago
Medial
Ather Energy backed by Hero MotoCorp is preparing for an IPO with a reduced valuation of ₹10,461 crore, down from the initially targeted ₹17,439 crore, Bloomberg reported. The company recently converted its compulsory convertible preference shares into equity, advancing its IPO plans. The IPO could raise approximately ₹3,487 crore, with a potential launch by late March or early April.
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IPOs of Walmart's Flipkart, PhonePe could take couple of years: Walmart executive
Economic Times
·
1y ago
Medial
Walmart's Flipkart marketplace and PhonePe digital payments platform may go public within the next couple of years, according to a Walmart executive. The initial public offering (IPO) of PhonePe could come before Flipkart, despite Flipkart being a more established business. PhonePe is one of India's largest payment platforms and is tied to the country's Unified Payments Interface (UPI), enabling users to transfer money across multiple banks. The exact timing of the IPO and choice of exchange for listing are still being considered. Executives believe that both Flipkart and PhonePe could become $100 billion businesses.
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