Samir Nigam, the founder and CEO of PhonePe, expressed amazement at the development and said he was unaware of it only hours after news surfaced that the digital payment startup was exploring collecting money through an IPO.
‘This is cute. I had no idea my own company is filing an IPO. Perhaps PTI and their ‘investment banker’ buddies can do the IPO filings and roadshows for us too?’ he tweeted. ‘Let me know if I can be of any help in the process’, he further added cryptically.
Earlier news outlet PTI, which Nigam has mentioned in the tweet, said that PhonePe is looking to enhance its core United Payments Interface (UPI)-based payments operations and extend its financial services offering. According to additional information, the digital payment startup is aiming for an $8–10 billion value. The business will soon work with bankers and legal advisors to move the IPO process along, the sources claim.
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Additionally, to further establish its ‘made in India’ credentials, the firm has started planning to relocate its registered holding organisation from Singapore to India. The plan to relocate the holding company to India has already been approved by PhonePe’s board, as per the PTI report. In contrast to many businesses that choose to register overseas, notably in Singapore or the US, in search of comparably favourable tax rules and business restrictions there, the firm will list on Indian stock exchanges.
Sameer Nigam, Rahul Chari, and Burzin Engineer—all former executives at Flipkart—founded PhonePe, which Flipkart bought in 2016. Walmart purchased Flipkart in 2018; PhonePe was also acquired as part of the deal.
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