PhonePe Emerges as a Leading Fintech Player with $1.3 Trillion Total Payment Value, According to Walmart CFO

PhonePe’s Impressive Trajectory: IPO Plans, Robust Funding, and $1.3 Trillion TPV


In a significant stride towards its financial ambitions, PhonePe, a major player in the fintech landscape, is reportedly gearing up for an Initial Public Offering (IPO) in the years 2024-2025. The announcement comes on the heels of the platform securing an additional $200 million in primary capital from its parent company, Walmart, earlier this year. As the financial technology sector continues to evolve, PhonePe’s achievements are gaining attention, especially with a remarkable Total Payment Value (TPV) of $1.3 trillion.

IPO Plans on the Horizon:

PhonePe’s decision to go public in 2024-2025 underscores the platform’s confidence in its growth trajectory. An IPO would not only provide an avenue for further expansion but also mark a pivotal moment in the company’s journey, allowing public investors to participate in its success story.

Walmart’s Continued Support:

In March of this year, PhonePe received a substantial boost with an infusion of $200 million in primary capital from Walmart. This strategic move valued PhonePe at an impressive $12 billion before the IPO plans were unveiled. Walmart’s financial backing reaffirms its commitment to the digital payments subsidiary and underscores the importance of PhonePe in Walmart’s broader business strategy.


Financial Performance Highlights:

PhonePe’s financial performance in the fiscal year 2022-2023 showcases its robust growth. The platform recorded a substantial revenue of INR 2,914 crores, marking an impressive 77% increase from the previous fiscal year’s revenue of INR 1,646 crores. These numbers not only reflect PhonePe’s expanding user base but also its ability to capitalize on the growing digital payments market in India.

Comparison with US Fintech Giants:

John David Rainey, Chief Financial Officer of Walmart, highlighted PhonePe’s achievement during the Morgan Stanley Global Consumer and Retail Conference. With a TPV of $1.3 trillion, PhonePe is now operating at a scale comparable to some of the largest fintech players in the US. This achievement positions PhonePe as a formidable contender in the global fintech arena, with market dynamics similar to those of renowned players with market caps exceeding $100 billion.


As PhonePe sets its sights on an IPO and continues to attract significant investments, its ascent in the fintech industry is undeniable. The platform’s impressive TPV and robust financial performance underscore its role as a key player in the digital payments revolution. With Walmart’s unwavering support and the potential IPO on the horizon, PhonePe is poised for continued success and further contributions to the dynamic landscape of financial technology.

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