2 weeks Ago By Vaishali Shastri
PhonePe, one of the most prominent digital payments and financial services company in India, has converted to a public limited company ahead of a crucial planned initial public offering (IPO). The company has also changed its name from 'PhonePe Private Limited' to 'PhonePe Limited'. The Bengaluru headquartered company has become a public company from a private company as per requirements ahead of its IPO launch.
PhonePe has registered itself with the Registrar of Companies (RoC) as a public limited company. The company’s official change in the status is a statutory requirement under the Companies Act, 2013, to make way for PhonePe's public listing in Indian stock exchanges like NSE and BSE. The Ministry of Corporate Affairs, Government of India, may soon hand it a certificate of incorporation.
As part of its preparation for the IPO, the company appointed major global and domestic banks like JP Morgan, Kotak Mahindra Capital, Morgan Stanley and Citi as its advisors in February. PhonePe is eyeing a valuation of up to USD 15 billion (1,252,500,000,000). According to the regulatory compliance, public entities are subjected under stricter regulations, ensuring transparency and accountability.
The Registrar of Companies in its filing said, “The board of directors of the company by way of a resolution passed on 3 April 2025 has approved the proposal to convert to a public limited company.” The shift is significant marker of its drive to grow and strengthen its position in India's growing fintech market. In a strategic move, PhonePe aims for a comprehensive corporate restructuring, in accordance with which the fintech firm witnessed its relocation from Singapore to back in India in December 2022.
The digital payments and financial platform is owned by Walmart, a US based multinational retail corporation..
