Mumbai: Country’s biggest fintech firm PhonePe has received SEBI approval for its IPO, and the company will file updated draft papers for listing soon, sources familiar with the development said. The IPO will be an Offer For Sale by existing shareholders. The company will not be raising any additional primary capital in the IPO, said one of the sources.
The company has already roped in bankers – Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley – for launching its initial public offer.
The Walmart group firm had last raised Rs 7,021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (about Rs 1 lakh crore) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global in the financial year 2022-23.
PhonePe raises Rs 18,000 crore
Founded in 2016, PhonePe has raised around Rs 18,000 crore to date.
PhonePe leads India’s digital payments market with over 45 per cent market share in UPI transactions.
In December 2025, the company processed 9.8 billion transactions, according to NPCI data.
The company had posted Rs 7,115 crore in revenue for FY24-25, marking a 40 per cent year-on-year increase. The company also turned free cash flow positive with an operating cash flow of Rs 1,202 crore. Its adjusted profit after tax (excluding ESOP costs) more than tripled to Rs 630 crore.
PhonePe’s public listing is expected to set a benchmark for India’s digital payments sector and could pave the way for other fintech unicorns eyeing public markets.
PhonePe launches co-branded credit card
PhonePe recently launched its co-branded credit card in June of last year, marking its foray into the co-branded card segment. Cardholders get 10 per cent cashback on essential PhonePe categories – this includes Recharges, DTH subscriptions, Utility Bills and other everyday bill payments.
