It may be mentioned here that the National Payments Corporation of India (NPCI) had proposed a 30 percent market cap cap for third-party application providers (TPAPs) in November 2020.
While the original deadline of the policy was December 31, 2022, it was extended to December 2024. NPCI is expected to announce a final decision by the end of 2024.
“As far as going public is concerned, market cap overhang is definitely an issue for us. As long as 30 percent of the market cap is hidden or growing, I feel nervous going public,” PhonePe CEO Sameer Nigam said in a session on Wednesday. is.” Here during the Global FinTech Fest.
“I don’t want to go public based on today’s numbers and market share until I can actually look you in the eye and say buy my shares. This company will go from here.”
This comes after PhonePe announced earlier this week that it had turned profitable before ESOP expenses during the previous financial year. The company reportedly posted a revenue of Rs. 738 crore against an adjusted loss after tax in FY24 of Rs. 197 crore posted an adjusted profit after tax (PAT).
Going forward, he said, PhonePe wants to enter the European market in the next five years.
Stating that all the businesses are big opportunities for the company, Nigam said that PhonePe will go deeper into the businesses it has started.
“We are already seeing some dividends,” he added.
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