PhonePe Kicks Off IPO Preparations

Fintech giant PhonePe has kicked off preparations for its initial public offering (IPO) and its impending public listing amid a boom in new-age tech IPOs in the country.

The Walmart-owned digital payments company announced on Thursday (February 20) that it is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges.

“PhonePe has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry,” it said in a statement.

The fintech major said that this is a suitable time for the company to go public, citing its strong top line and bottom line growth in the fiscal year 2023-24.

However, details about the IPO, like size, valuation, and timeline are not known.

PhonePe CEO Sameer Nigam said last year that the company would not go for an IPO until there was clarity over the UPI market share regulations.

Founded in 2015 by Nigam, Burzin Engineer and Rahul Chari, PhonePe is one of India’s leading fintech companies and UPI platforms. The company raised more than $1 Bn in funding in 2023 alone. It held an over 48% market share in the UPI market as of January 2025, far ahead of rivals Google Pay and Paytm.

PhonePe was one of the first major new-age tech companies to reverse flip to India. The Walmart-backed company shifted its domicile back to India from Singapore in 2022, clearing the path for an imminent IPO.

Over the past few years, PhonePe has diversified beyond its core payments business to enter newer segments such as wealthtech via Share.Market, digital commerce via Pincode, app store (Indus) and digital lending.

Earlier this month, the company shuttered its account aggregator (AA) business and surrendered its NBFC AA licence to the RBI.

The diverse product portfolio and focus on automation helped the company significantly improve its top line in the fiscal year 2023-24. PhonePe saw its revenue from operations zoom 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr in the previous fiscal year.

On the back of strong growth in its revenue and cost efficiency, the fintech major’s consolidated net loss shrank 28% to INR 1,996 Cr during the year under review from INR 2,795 Cr in FY23.

PhonePe’s public listing plans come at a time when India has emerged as a hotbed for new-age tech IPOs. Thirteen startups, including the likes of Swiggy, Ola Electric, Awfis and MobiKwik, made their stock market debut last year and cumulatively raised INR 29,000 Cr+ via their IPOs.

The IPO boom is expected to continue this year, with a number of new-age tech companies like Zepto, Smartworks, DevX, BlueStone and Ola Consumer expected to go public.