PhonePe to go public as a separate entity by 2023

According to Inc42, PhonePe will finalise between India's or the US initial public offering (IPO), based on the market conditions. Moreover, a Morgan Stanley report published in 2019 highlighted that the company could be worth as much as USD 20 billion, while it was also stated that PhonePe might go by a separate business, as Flipkart plans to launch other payments verticals.

Overall, PhonePe has been looking to diversify its portfolio after the government’s zero MDR (merchant discount rate) rule that leaves very little revenue potential in UPI alone.