Walmart-backed Indian fintech firm PhonePe, the country’s most used payments platform, is aiming to list at a valuation of between $9 billion and $10.5 billion, two people with direct knowledge of the matter said.
That suggests the IPO will raise about $900 million to $1.05 billion. But even at the top end, the deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023.
Walmart will trim its stake in PhonePe by about 12% in the firm’s initial public offering, while Tiger Global…
