PhonePe, which is gearing up for its India listing in FY26, has reportedly appointed four investment banks as advisors.

PhonePe intends to kick-off the IPO process in the first week of March and has onboarded Kotak Mahindra Capital, JP Morgan, Citi and Morgan Stanley, reported Moneycontrol.

"More advisors are likely to be added at a later stage if required," the news platform quoted sources as saying.

The IPO, where the Bengaluru-based fintech is eyeing a valuation of $15 billion, is expected to be a combination of primary and secondary issuance of shares.

The company has raised over Rs 18,000 crore till date, according to PhonePe's FY24 annual report. Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent and Qatar Investment Authority are among its investors.

Last week, the company announced that it has started preparations for a potential initial public offering (IPO). 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.

"PhonePe, our fintech business, is making preparations for an IPO in India. Our PhonePe team has long aspired to be a public company and we are excited to be taking these early steps," said Doug McMillon, CEO of Walmart, while discussing the company's financial results for the December quarter.

In FY24, PhonePe reported a 73% increase in revenue at Rs 5,064 crore and a net profit of Rs 197 crore, against a loss of Rs 738 crore in the previous year.