PhonePe CEO says UPI mcap overhang holding back company from going public

The overhang of the proposed market share cap by the National Payments Corporation of India (NPCI) on the volume of UPI transactions a third-party application provider (TPAP) can process is holding PhonePe from going public.

Speaking at the Global Fintech Fest, PhonePe CEO Sameer Nigam said: “As far as going public, the market cap overhang is definitely a problem for us. I feel nervous going to the market and asking investors if there is a 30 per cent market cap lurking”.