PhonePe Looks To Go Public Even As Twitter Calls For ‘Uninstall’

PhonePe plans to go public by 2023 and will list itself in India or the US depending on market conditions. Walmart-owned digital payments platform PhonePe is reportedly working aggressively to go public by 2023 as a separate entity in the US or India, eyeing a valuation of $7 to $10 Bn. PhonePe will finalise between India or US initial public offering, based on the market conditions. A person close to the matter said that Flipkart plans to go public by 2022 in the US. Interestingly, a Morgan Stanley report published last year had valued PhonePe at $7 Bn. It had highlighted that the company could be worth as much as $20 Bn in the bull case, especially due to the growing potential of the company beyond just payments. According to a Business Standard report citing sources PhonePe has been looking to diversify its portfolio after the government’s zero MDR rule which leaves very little revenue potential in UPI alone, and this remains a key aspect of the company’s plan to go public. Even as PhonePe plans its path to profitability and to go public, consumer sentiment is something the company needs to be taken into account too.