PhonePe, the leading player in India's Unified Payments Interface (UPI) market, has transitioned from a private entity to a public company ahead of its planned initial public offering (IPO). This change was confirmed through filings with the Registrar of Companies (RoC). Walmart CEO Doug McMillon had previously announced in February that PhonePe was preparing for a potential listing on Indian stock exchanges, although no specific timeline was provided. The company is targeting a valuation of $15 billion for its IPO and has also changed its name in anticipation of its debut on Dalal Street. Separately, Zepto, a rapid delivery startup co-founded by Aadit Palicha and Kaivalya Vohra, has scaled to 1.5 million daily orders, achieving a $3 billion gross merchandise value (GMV) and a $5 billion valuation in under three years. The company faced near-collapse during the 2022–2023 funding crunch, partly due to hiring missteps and the Silicon Valley Bank crisis. Zepto's rapid delivery model was developed in direct response to consumer feedback rather than as a marketing strategy. Additionally, Zomato has become officially majority India-owned.