New Delhi: Walmart-backed fintech company PhonePe has submitted initial paperwork to the Securities and Exchange Board of India (SEBI) for a potential initial public offering (IPO), according to sources.

The company plans to raise Rs 12,000 crore by selling shares held by existing investors like Tiger Global, Walmart, and Microsoft, who could sell about a 10% stake.

While PhonePe confirmed the filing, it noted that it doesn't guarantee an IPO will happen. The company has already hired top banks like JP Morgan, Morgan Stanley, Kotak Mahindra Capital, and Citi as advisors.

In other news, PhonePe recently got approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This will help the company expand its services and reach more online businesses, especially s

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