PhonePe Files Confidential DRHP, Eyes $1.5 Billion IPO

PhonePe, Bengaluru-based digital payments and fintech firm, has filed its Draft Red Herring Prospectus (DRHP) confidentially with the Securities and Exchange Board of India (SEBI). 

The company is targeting to raise approximately $1.5 billion (roughly ₹12,000 crore) through a mix of fresh issue and Offer For Sale (OFS) by existing shareholders.  

The filing was made under SEBI’s confidential or “pre‑filing” route introduced in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Under this route, companies can draft offer documents to the regulator privately, before the DRHP is made public.

About the company 

PhonePe is India’s largest digital payments platform, backed by marquee investors Walmart, Microsoft, Ribbit Capital, Tiger Global, and others. Beyond payments, PhonePe has diversified into credit, insurance, wealth management, and other financial products via subsidiaries.

For FY25, the company’s revenue increased by 40.5% to ₹7,115 crore, while its net loss narrowed by 13.5% to ₹1,727 crore. According to sources, PhonePe has already achieved positive free cash flow in the year. 

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