PhonePe, a leader in India’s digital payments landscape, has officially become a public limited company, marking a crucial milestone in its journey toward an initial public offering (IPO). This transition, finalized following an Extraordinary General Meeting on April 16, positions PhonePe to target a significant $15 billion valuation ahead of its public debut.

The move to a public company is a strategic one, aligning with PhonePe’s efforts to further expand its operations and strengthen its position in India’s rapidly growing fintech market. The company now awaits final approval from India’s Ministry of Corporate Affairs to solidify the change.

Walmart-owned PhonePe has brought in top-tier strategic advisors for its IPO, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, signaling its serious commitment to a successful market entry. The company’s restructuring in December 2022, which involved relocating its domicile from Singapore to India and transforming its non-payment verticals into fully owned subsidiaries, demonstrates its focus on streamlining operations and complying with local regulations.

The decision to go public follows PhonePe’s announcement earlier this year regarding plans to launch an IPO, and this step will help to bolster its profile in the competitive fintech sector. If successful, the IPO will be a major leap forward for PhonePe, which continues to shape the future of digital payments in India.