Chennai: Digital payments firm PhonePe has started gearing up for an initial public offering (IPO) by 2023 and is eyeing a valuation of $7-10 billion.
The company’s foray into financial services is going to play a key role in the firm becoming profitable and going public.
In the past four months alone, it has added six products in insurance and wealth management. The company said it became the fastest-growing insure-tech distributor in India, and mutual funds (MFs) have seen investment from more than 5,000 cities.
“When we launched the PhonePe app in 2016, we created India’s first payments platform. We then went on to launch PhonePe Switch in 2018,” said Sameer Nigam, founder and chief executive officer, PhonePe.