PhonePe ropes in bankers for launching IPO

The digital payments giant PhonePe has started the process of launching its Initial Public Offering (IPO) by roping in investment bankers to manage the issue. The company is reportedly aiming for one of the largest IPOs in the Indian technology sector. The appointment of bankers is the first formal step in the IPO journey, and they will be responsible for managing the entire process, from the preparation of the draft prospectus (DRHP) to the final listing of the shares. PhonePe, which has a dominant position in the UPI payments market in India, has been expanding into various financial services like insurance and wealth management. The IPO will provide the company with a massive capital infusion to fund its ambitious growth plans and will also offer an exit opportunity for its early investors.