Reported 11 months ago
During Walmart's shareholder meeting in Bentonville, Arkansas, Walmart's executive vice president for corporate affairs, Dan Bartlett, mentioned that the initial public offerings (IPOs) of Walmart's Flipkart marketplace and PhonePe digital payments platform could take a couple of years to materialize. Bartlett indicated that PhonePe's IPO might come before Flipkart's, despite Flipkart being a more established business. PhonePe, based in India, is highlighted as one of the largest payment platforms in the country, with a strong tie to India's Unified Payments Interface (UPI). Bartlett emphasized the need to navigate through various processes before going public, with considerations about listing on the Indian exchange or other platforms. Walmart's CFO previously projected that Flipkart and PhonePe could potentially become $100 billion businesses. PhonePe recently reported a substantial revenue surge for 2023, attributing its growth to the increasing usage of its platform in India's thriving digital payments market, where it holds a significant market share.
Source: YAHOO