Digital payments giant PhonePe, backed by Walmart Inc., is preparing to file for an initial public offering (IPO) that could raise up to ₹13,018 crore (approximately $1.5 billion), according to sources familiar with the matter.
The IPO is expected to value the fintech firm at around $15 billion, positioning it among India’s most significant tech listings to date. PhonePe plans to submit its draft red herring prospectus (DRHP) as early as August 2025. The offering will reportedly include both a fresh issue of shares and an offer for sale (OFS) by existing shareholders.
Founded in 2015, PhonePe has grown into India’s largest digital payments platform, boasting over 610 million registered users and handling more than ₹340 million in daily transactions. The company commands nearly half of the UPI market share, outpacing competitors like Google Pay.
The IPO will be managed by a consortium of top investment banks, including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley. The proceeds are expected to fuel PhonePe’s expansion into financial services, including insurance, lending, and wealth management, as well as support its newer ventures like the Indus Appstore and Pincode, a hyperlocal e-commerce platform.
PhonePe’s financials reflect strong momentum: in FY24, it reported a 73% year-on-year revenue growth to ₹5,064 crore and a profit after tax of ₹197 crore, a sharp turnaround from a ₹738 crore loss the previous year.
The listing is anticipated in FY26, and if successful, it could mark a defining moment for India’s fintech sector on the global investment stage.
