PhonePe targets IPO valuation lower than at its last funding round

PhonePe Ltd., India’s largest payments app controlled by Walmart Inc., is aiming for a valuation of $9 billion-10.5 billion in an IPO in 2026, according to sources.

That kind of valuation pegs the size of the PhonePe IPO at $900 million to $1.05 billion, but that’s still smaller that the $12-billion valuation that the company enjoyed when it raised $100 million in 2023.