Walmart-supported Indian fintech company PhonePe is gearing up to submit initial documents for its IPO with plans to raise to $1.5 billion.

The IPO is expected to value PhonePe at around $15 billion, according to the report, which mentioned that the company intends to file draft papers for the listing by August.

One in three individuals in India utilizes the PhonePe app for money transfers, recharges, bill payments, and more — all within just a few taps.

PhonePe also provides a comprehensive range of financial services, including Insurance, Investments, and Lending, offering every Indian an equal chance to enhance their financial capabilities and access necessary services.

The fintech giant PhonePe has surpassed 600 million registered users on its platform, the company announced.

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This achievement for the largest fintech company in the country coincides with its preparations for an IPO and marks the 10th anniversary of its establishment.

"Reaching 60 crore registered users is a proud moment for all of us at PhonePe. Every milestone we achieve brings us a step closer to realising our vision of building a truly inclusive financial ecosystem. We will continue building homegrown solutions to meet the evolving needs of our users and help drive India's digital transformation," says PhonePe Co-Founder and CEO Sameer Nigam.

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In the 10 years, the company has diversified its operations to wealth management, e-commerce with Pincode etc
The company was valued at $ 12 billion during its last funding round held in 2023.