New Delhi: Walmart-backed fintech firm PhonePe has filed initial documents with the Securities and Exchange Board of India (SEBI) for a potential initial public offering (IPO), sources said.
The company aims to raise ₹12,000 crore by selling shares held by existing investors, including Tiger Global, Walmart, and Microsoft, who may offload roughly 10% of their stake.
While PhonePe confirmed the filing, it clarified that this does not guarantee an IPO. The company has appointed leading banks—JP Morgan, Morgan Stanley, Kotak Mahindra Capital, and Citi—as advisors for the process.
In a separate development, PhonePe recently received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, a move expected to expand its services to more online businesses, particularly small and medium enterprises (SMEs) across India.
PhonePe’s recent financial highlights:
- Revenue: Increased 40.5% to ₹7,115 crore in FY2024-25.
- Losses: Narrowed to ₹1,727.4 crore from ₹1,996.1 crore in the previous year.
- Profit: Adjusted profit after tax surged threefold to ₹630 crore in FY2025.
- Cash Flow: Turned free cash flow positive, with net cash from operations of ₹1,202 crore.
About PhonePe:
One of India’s leading digital payment apps, PhonePe operates via the Unified Payments Interface (UPI) and announced plans earlier this year to list on the Indian stock market. The platform boasts over 600 million users, collaborates with 40 million merchants, and handles more than 310 million daily online transactions, according to Reuters.
