PhonePe, India’s largest digital payments platform, has taken a major step towards its public market debut by appointing four global investment banks to lead its upcoming IPO, according to a report by PTI. The company has onboarded Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley to structure and manage the offering.
The IPO is expected to raise $1.5 billion, potentially valuing the company at $15 billion, up from its last reported valuation of $12 billion. PhonePe is likely to file its Draft Red Herring Prospectus (DRHP) by August 2025, with the listing targeted for later this year.
From Startup to Public Company
This IPO will mark a critical milestone in PhonePe’s transformation from a private startup to a publicly listed company. In April 2025, the firm converted into a public limited company after receiving shareholder approval, laying the groundwork for its domestic listing. The move followed an earlier announcement in February expressing intent to list on Indian exchanges.
Originally incorporated in Singapore, PhonePe shifted its domicile to India in 2022, prompting investors—led by majority stakeholder Walmart—to incur nearly ₹8,000 crore in capital gains tax. The relocation was a strategic decision to strengthen compliance with Indian regulations and simplify the listing process.
In line with its restructuring, PhonePe also completed the legal transfer of IndusOS Appstore (formerly OSLabs Pte Ltd) to India, reinforcing its local footprint.
Financial Strength and Market Reach
PhonePe’s financial and operational metrics underscore its dominant position in India’s digital payments landscape. As of May 2025, the company serves over 61 crore registered users and 4 crore merchants, processing 34 crore daily transactions with a total payment value exceeding ₹150 lakh crore.
For the fiscal year ending March 2024, PhonePe reported a consolidated revenue of ₹5,064 crore, marking a 74% year-on-year increase. Net losses reduced to ₹1,996 crore, down from ₹2,795 crore in FY23. Excluding ESOP-related costs, the company reported a consolidated net profit of ₹197 crore in FY24.
To date, the fintech major has raised approximately ₹18,000 crore ($2.2 billion) from investors including General Atlantic, Walmart, Ribbit Capital, Tiger Global, and TVS Capital Funds—with ₹7,021 crore ($850 million) raised in FY23 alone.
As PhonePe prepares to go public, its IPO is likely to be one of India’s most anticipated tech listings in recent years, reflecting both investor confidence and the maturity of the country’s digital payments ecosystem.
