Walmart-owned PhonePe, India’s leading digital payments platform, is set to file initial paperwork for an Initial Public Offering that could raise up to $1.5 billion, according to sources familiar with the plans.

Bloomberg reports that the offering could value the fintech firm at approximately $15 billion, with PhonePe aiming to file its draft red herring prospectus as early as August, according to sources who requested anonymity due to the private nature of the information.

They noted that discussions are still underway and the details may yet change.

Founded in 2015, PhonePe claims over 610 million registered users and processes transactions worth 340 million rupees daily.

In 2023, it raised $100 million from Ribbit Capital, Tiger Global Management, and TVS Capital Funds, valuing the company at $12 billion, according to its announcement.

A PhonePe spokesperson declined to comment on the matter.

The company has enlisted Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley to lead the planned offering.