PhonePe Expands Services, Set to File $1.5B IPO in August
PhonePe, a leading digital payments platform, has expanded its services into insurance, lending, mutual funds, and consumer tech products. The company, which processed over 8.55 billion UPI transactions worth Rs 11.99 lakh crore in June 2023, is set to file its draft red herring prospectus for a $1.5 billion public offering in August. Shivnath Thukral has been appointed as vice president for public policy and government affairs to lead the company's policy outreach.
PhonePe's expansion into insurance, lending, and mutual funds signals its ambition to become a full-fledged financial services platform. Its consumer tech products include Pincode, a hyperlocal shopping app, and Indus Appstore, an Indian alternative to global app marketplaces. The company's growth is evident in its UPI transaction volumes, which accounted for 46.5% of all UPI transactions by volume and 50% by value in June 2023.
Shivnath Thukral, who joins PhonePe from Meta, will spearhead the company's policy outreach. He brings valuable experience, having previously served as vice president of public policy at Meta and being associated with the Telecom Regulatory Authority of India (TRAI). Thukral will work closely with policymakers and regulators to navigate the evolving digital payments landscape. PhonePe's monetisation strategies are a pressing concern, given the lack of merchant discount rate (MDR) charges on UPI transactions. The company is targeting a $15 billion valuation in its public offering, up from its last private valuation of $12 billion. In 2022, PhonePe redomiciled to India to comply with listing norms.
PhonePe's expansion into new services and its upcoming public offering reflect the company's growth and ambition. With Shivnath Thukral at the helm of its public policy efforts, PhonePe is well-positioned to navigate the regulatory landscape and continue its growth trajectory. The company's success in UPI transactions and its potential valuation in the public offering underscore its significance in the Indian digital payments ecosystem.
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