Walmart-backed payments company PhonePe on Thursday said it is not planning an IPO right now and will look at going public once its core businesses turn profitable.
“PhonePe is not planning an IPO right now,” the company said in a statement. “We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale.” It did not give details of its financials.
PhonePe was founded in 2015 and was acquired by Flipkart in 2016. It became part of Walmart after the retailer acquired Flipkart Group in 2018. Flipkart owns about 87 per cent stake in PhonePe, while Walmart has about 10 per cent.
“We are moving our holding company to India, and are actively working on this,” the statement added.
Its holding company is currently registered out of Singapore.