Last Updated:June 23, 2025, 16:22 IST
If successful, the IPO could value PhonePe at around $15 billion, placing it among India’s most valuable fintech companies.
The IPO might value PhonePe at around $15 billion, placing it among India’s most valuable fintech companies.
PhonePe, one of India’s largest digital payments platforms, is gearing up for its initial public offering (IPO) to raise up to $1.5 billion, according to a report by Bloomberg. It added that the fintech giant, which is a subsidiary of retail giant Walmart Inc, might file its Draft Red Herring Prospectus (DRHP) with markets regulator Sebi by early August.
The deal could value PhonePe at around $15 billion, placing it among India’s most valuable fintech companies.
Although discussions are still underway and timelines could shift, preparations for the public issue have gathered significant momentum. To steer the IPO process, PhonePe has roped in some of the top global investment banks, including Kotak Mahindra Capital, JPMorgan Chase & Co, Morgan Stanley, and Citigroup Inc.
If the company files DRHP by August and receives approval early, there are chances that the IPO might hit the markets this year itself.
The company, which began its journey under Flipkart and later became a part of Walmart, has expanded aggressively over the past decade. With a suite of services spanning UPI payments, insurance, mutual funds, lending, and even stock broking, PhonePe now caters to hundreds of millions of users across India.
In a statement earlier this year, PhonePe said it was initiating preparatory steps for a potential IPO and intended to list on Indian stock exchanges. “This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” it said.
A major step in its IPO roadmap was the company’s decision to shift its legal domicile from Singapore to India in December 2022 — a move that resulted in an Rs 8,000 crore tax payment to the Indian government.
In its annual report, PhonePe stated that this decision was based on its long-term vision of being a truly Indian fintech player, and eventually listing on local bourses. “Our investors, led by Walmart, paid almost Rs 8,000 crore in taxes to the Indian government to accept PhonePe’s domicile shift to India,” the company noted.
As of March 2024, FIT Holdings SARL, a Luxembourg-based Walmart entity, held 83.91% of PhonePe, while General Atlantic Singapore owned 5.14%, and PhonePe’s Singapore unit held 6.7%. Other major backers include Microsoft, Tiger Global, Ribbit Capital, Tencent, Qatar Investment Authority, TVS Capital Funds, Willoughby Capital, and 3State Ventures, highlighting the global investor confidence in PhonePe’s business model.
The IPO will be closely watched, especially given the mixed track record of fintech listings in India.
PhonePe’s rival, Paytm, was the first Indian fintech firm to go public, listing in 2021 at Rs 2,150 per share. However, its stock has since fallen by nearly 59% from its issue price. On the other hand, Mobikwik, which debuted on the NSE in December 2024 at Rs 440 — a 57.7% premium over its issue price — has also seen a decline of about 14.9% from its listing price.
With digital payments and financial inclusion becoming core pillars of India’s tech-driven economy, PhonePe’s public debut could be a major listing for the fintech sector in 2025.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
- First Published:
#PhonePe #IPO #Year #WalmartBacked #Firm #File #Draft #Papers #August #Billion #Public #Issue #Ipo #News
