Walmart announced that its digital payments subsidiary, PhonePe, has achieved a Total Payment Volume (TPV) of $1.3 trillion, putting it on par with major fintech players in the US. The disclosure was made by Walmart’s CFO, John David Rainey, during the Morgan Stanley Global Consumer and Retail Conference. PhonePe is reportedly considering an initial public offering (IPO) in 2024-2025 and received an additional $200 million in primary capital from Walmart earlier this year.
While Walmart also owns the ecommerce giant Flipkart, Rainey revealed that both PhonePe and Flipkart are exploring potential paths to an IPO. He expressed confidence in their ability to improve profitability as they move towards going public. Flipkart Group CEO Kalyan Krishnamurthy had previously mentioned considering multiple geographies, including India, for its public issue, estimated to be in the range of $60-70 billion.
Flipkart India, the B2B arm, reported a 42% increase in standalone net loss to INR 4,845.7 crore in FY23, with a modest 9.7% growth in operating revenue to INR 55,923.9 crore. In contrast, PhonePe experienced a revenue surge of nearly 77%, reaching INR 2,914 crore in the financial year ending March 31, 2023. The increase was attributed to growth in money transfers, mobile recharges, and bill payments. PhonePe has expanded its product offerings, introducing the Indus Appstore Developer Platform and entering the merchant lending space.
By FCCT Editorial Team
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