PhonePe says not planning IPO proper now

Walmart-backed funds firm PhonePe on Thursday stated it isn’t planning an IPO proper now and can take a look at going public as soon as its core companies flip worthwhile.

“PhonePe is not planning an IPO right now,” the corporate stated in a press release. “We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale.” It didn’t give particulars of its financials.

PhonePe was based in 2015 and was acquired by Flipkart in 2016. It turned a part of Walmart after the retailer acquired Flipkart Group in 2018.

Flipkart owns about 87 per cent stake in PhonePe, whereas Walmart has about 10 per cent.

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“We are moving our holding company to India, and are actively working on this,” the assertion added.

Its holding firm is at the moment registered out of Singapore.