Walmart-owned digital payments platform PhonePe on February 20 announced that it is starting preparatory steps for a potential initial public offering (IPO) to list on Indian exchanges, becoming the latest tech unicorn to join the IPO bandwagon.

PhonePe redomiciled from Singapore to India in December 2022. The company said it has established a clear corporate structure with each of its new non-payment businesses as fully owned subsidiaries.

"PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing" the company said.