June 7 Initial public offerings of Walmart, Walmart executives, Flipkart and PhonePe could take two years.
“This is something we’re looking at over the next couple of years,” Walmart’s senior vice president for corporate affairs, Dan Bartlett, said late Thursday at the company’s shareholder meeting near Bentonville, Arkansas.
Bartlett said that Walmart may list PhonePe before Flipkart, even though Flipkart is more established.
He called PhonePe “one of the largest payment platforms” in India. PhonePe’s connection to India’s Unified Payments Interface (UPI) rapid money transfer system lets customers transfer money across various banks without giving account details.
“There’s a lot of processes that have to be put in place before we go public,” Bartlett said of PhonePe. He added, “Obviously, the question about the Indian exchange versus others” is “under consideration” for the eventual IPO listing.
Walmart’s chief financial officer told an investor conference a year ago that Flipkart and PhonePe payments might be $100 billion businesses due to robust growth.
At the time, executives said the two companies might help Walmart double its overseas gross merchandise volume to $200 billion in five years.
PhonePe reported in October 2023 that its consolidated revenue for financial year 2023 rose 77% as more consumers sent and received money in India’s expanding digital payments market.
As of March 2023, PhonePe had about 51% of India’s UPI transaction value, with over 490 million registered users.
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