Walmart CEO Doug McMillon recently discussed a potential initial public offering (IPO) for its payments firm, PhonePe, during an interview. McMillon commended PhonePe for its significant performance growth and hinted at the possibility of the company going public in India in the future.
What Happened? “Like in the case of PhonePe, we are really pleased that it’s now domiciled here, and that would indicate we would most likely list in India when it’s time,” McMillon stated in an interview with the Economic Times.
He emphasized that PhonePe’s domicile in India strongly suggests the likelihood of a domestic listing when the time is appropriate for the company to go public.
He clarified, however, that the group has not yet made a final decision about PhonePe’s potential IPO and they still need to determine further details. The same applies to Flipkart, Walmart’s sister company, with McMillon noting that the decision regarding its potential IPO is still under consideration.
This news comes amidst McMillon’s broader discussion on Walmart’s plans and outlook on India, where he praised the country’s progress as a global supplier and its potential for growth. He also mentioned that any move by PhonePe into the e-commerce sector would not create competition with Flipkart as both companies would serve different customer bases.
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During his trip, McMillon acknowledged gaining some understanding of ONDC, though he admits he still has more to learn. He supports the idea of broadening access for sellers, recognizing the necessity of digital transformations in retail.
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