PhonePe is reportedly working aggressively to go public by 2023 as a separate entity in the US or India, eyeing a valuation of $7 to $10 Bn. PhonePe will finalise between India or US initial public offering (IPO), based on the market conditions.
PhonePe has been looking to diversify its portfolio after the government’s zero MDR (merchant discount rate) rule which leaves very little revenue potential in UPI alone, and this remains a key aspect of the company’s plan to go public. “The company is partnering and providing value-added services to kiranas and onboarding merchants,” a source was quoted as saying.
On the weekend, #UninstallPhonePay (Uninstall PhonePe) has been trending on Twitter due to the involvement of the two actors, with separate controversies fuelling the trend. Users have also started downrating the app on Google Play Store as well, where it has an average rating currently of 4.4 stars. It remains to be seen whether this has any impact on the usage and adoption of PhonePe.