Digital payments giant PhonePe has officially transitioned from a private limited company to a public limited entity as it gears up for a $15 billion initial public offering. 

In a regulatory filing with the Registrar of Companies, the company mentioned this conversion was a mandatory step under the Companies Act, 2013, to proceed with its initial public offering.

The firm's name has now been updated from “PhonePe Private Limited” to “PhonePe Limited”.

PhonePe, in 2022, concluded its reverse flip from Singapore to India, a move that cost it over around $1 billion in taxes. In December 2022, PhonePe redomiciled from Singapore to India, and subsequently, established a corporate structure with each of its new non-payment businesses as fully owned subsidiaries.

The company has roped in top financial advisors including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley.

Co-founded by Sameer Nigam and Rahul Chari, PhonePe raised $100 million in December 2023 as part of a $1 billion funding round at a pre-money valuation of $12 billion. Walmart continues to be the major shareholder, supported by investors such as Microsoft, Tiger Global, General Atlantic, Ribbit Capital, Tencent, TVS Capital, and the Qatar Investment Authority.

In a separate development, payment aggregator platform Razorpay has also converted into a public limited company. And, Pine Labs is also preparing for a public listing.