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Market Chatter: Walmart-Backed PhonePe Seeks Valuation of Up to $10.5 Billion in India IPO

MT Newswires Live
Mar 04

Walmart (WMT)-backed fintech firm PhonePe is targeting a valuation of $9 billion to $10.5 billion for its planned initial public offering in India, Reuters reported Wednesday, citing two people with direct knowledge of the matter.

The range represents a step down from the $12 billion valuation the payments platform achieved during a 2023 fundraising round, Reuters said.

PhonePe's IPO filing shows that the retailer plans to trim its stake in the company, while Microsoft (MSFT) intends to fully exit its investment.

Walmart and PhonePe did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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