Ola Electric, Swiggy and now PhonePe. Another IPO from Bengaluru is all set to grab the limelight, as the fintech giant announced its plans this past week.

With no major movement in the stock market and listed new-age tech companies, PhonePe’s press announcement about its upcoming IPO was not only the biggest piece of news but also unusual because it came out of nowhere.

Of course, we knew that PhonePe was on course to hit the public markets for some time now, but the company had always maintained that it needed clarity on the UPI transaction share being the market leader in UPI payments.

But with the current fiscal year about to end, PhonePe felt confident enough to declare its IPO plans for the first time ever.

“I’d like to share the news that PhonePe, our fintech business, is making preparations for an IPO in India. Our PhonePe team has long aspired to be a public company and we are excited to be taking these early steps,” Walmart CEO Doug McMillon told analysts while discussing PhonePe’s results.

McMillon also told analysts that PhonePe hit $1.7 Tn in TPV at the end of January with close to 310 Mn daily transactions.

Not much is known about PhonePe’s IPO plans as of now, but by the time it lists, it could very well be the largest fintech company in India, considering Paytm’s growth challenges, which only adds to the hype around this listing.

PhonePe reported operating revenue of INR 5,064 Cr in FY24, up 74% from the previous fiscal. In comparison, Paytm reported income of INR 9,978 Cr in FY24, comfortably more than the two rivals combined. Paytm is well ahead when we look at the........

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