Offer to Be Structured as Pure Offer for Sale
India’s largest fintech company PhonePe has received approval from Securities and Exchange Board of India for its initial public offering and is now preparing to file updated draft papers for the proposed listing.The public issue will be structured entirely as an Offer For Sale by existing shareholders. The company will not raise any fresh primary capital through the IPO.
Global Investment Banks Mandated for the Issue
PhonePe has already appointed a consortium of global and domestic investment banks to manage the issue. The appointed bankers include Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley.Strong Funding History and Valuation
The fintech major, backed by the Walmart group, last raised ₹7,021 crore, equivalent to around USD 850 million, at a pre-money valuation of USD 12 billion during the financial year 2022 to 23. The funding round saw participation from investors including General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds and Tiger Global.Founded in 2016, PhonePe has raised close to ₹18,000 crore in funding so far.
Market Leadership in Digital Payments
PhonePe continues to dominate India’s digital payments ecosystem, holding over 45 percent market share in Unified Payments Interface transactions. In December 2025, the platform processed 9.8 billion transactions, as per industry data.Revenue Growth and Profitability Milestone
For FY25, the company reported revenue of ₹7,115 crore, reflecting a year on year growth of 40 percent. During the same period, PhonePe turned free cash flow positive with operating cash flow of ₹1,202 crore. Its adjusted profit after tax, excluding ESOP costs, more than tripled to ₹630 crore.Benchmark Listing for Fintech Sector
PhonePe’s proposed public listing is expected to be a key milestone for India’s digital payments and fintech ecosystem, with the offering likely to set a reference point for other fintech unicorns considering entry into the public markets.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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