India, Feb. 20 -- India's largest fintech firm PhonePe has begun preparing for an initial public offering (IPO) of its shares on Indian exchanges, the company announced on Tuesday. The Walmart-owned company was valued at $12 billion during its last funding round in 2023.

"The company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions," PhonePe said in a statement.

"PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detai...