PhonePe IPO: Walmart-Owned Fintech Files ₹12,000 Crore Draft Papers with SEBI via Confidential Route; FY25 Revenue Up 41%

Mumbai | September 24

Digital payments major PhonePe has taken its most decisive step towards a public market debut. The company filed a pre-filed draft red herring prospectus (PDRHP) with the Securities and Exchange Board of India (SEBI), the BSE, and the NSE, under the confidential pre-filing mechanism.

This route, introduced by SEBI to give issuers flexibility, allows companies to engage with regulators without immediately disclosing details such as issue size and timing. PhonePe is targeting a ₹12,000-crore IPO, which would make it one of the largest listings in India’s fintech space.

The firm has appointed JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital as lead managers. Earlier this year, it transitioned from a private limited entity to a public company, completing a restructuring drive that began in 2022 when it shifted domicile from Singapore to India—a move that cost around ₹8,000 crore in taxes but aligned it closer with Indian regulators.

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Strong Revenue Growth, Narrower Losses in FY25

According to its latest filings with the Ministry of Corporate Affairs, PhonePe’s revenue from operations rose 41% year-on-year to ₹7,148.6 crore in FY25, up from ₹5,064.1 crore in FY24.

At the same time, losses narrowed to ₹1,727.4 crore, compared to ₹1,996.2 crore in the previous year. While expenses continued to climb, they rose at a slower pace than revenues—an encouraging sign as global investors increasingly focus on profitability in late-stage startups.

This trajectory could bolster investor appetite for the IPO, positioning PhonePe more favourably than some other new-age listings that struggled post-debut.

Beyond Payments: Expanding Into Insurance, Lending and Tech

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has built a dominant presence in India’s UPI-driven payments market. Today, it is majority-owned by Walmart Inc., which has poured billions into scaling the platform.

Over the years, PhonePe has diversified into insurance distribution, lending, wealth management, and consumer tech initiatives such as Pincode (an e-commerce app) and the Indus Appstore.

The company has raised nearly $1 billion from investors like General Atlantic and Tiger Global. In its last funding round in 2023, PhonePe was valued at $12 billion, making it one of India’s most valuable fintech startups.

Outlook: One of India’s Biggest Fintech IPOs in the Making

If successful, the PhonePe IPO would rank among India’s largest public listings in the fintech sector, alongside names like Paytm and Policybazaar. With confidential filings in place, improved revenues, narrowing losses, and Walmart’s backing, PhonePe’s offering could test whether India’s capital markets are ready to reward scale with sustainable growth.

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