PhonePe Files Updated DRHP with SEBI, Plans to Raise $1.3 billion through OFS
Walmart-backed UPI platform PhonePe has received SEBI approval for its upcoming initial public offering (IPO). Following approval, the company filed an updated Draft Red Herring Prospectus (DRHP) with SEBI the day after securing the nod. Earlier, on October 3, 2025, PhonePe had submitted its IPO papers through the confidential filing route.
The company plans to raise about $1.3 billion (around ₹12,000 crore) through the IPO, which will be an entirely offer-for-sale (OFS) transaction with no fresh issue of shares. As a result, PhonePe will not receive any proceeds from the issue, and all funds raised will go to the selling shareholders.
As per the updated DRHP, WM Digital Commerce Holdings Pte. Ltd. will be the Promoter Selling Shareholder, and Tiger Global PIP 9-1 Ltd. and Microsoft Global Finance Unlimited Company will be the Investor Selling Shareholders.
WM Digital Commerce Holdings plans to sell 4.59 crore shares through the OFS, Tiger Global and Microsoft will sell 10.39 lakh shares and 36.78 lakh shares, respectively.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Morgan Stanley India Company Private Limited and JM Financial Limited will be the book-running lead managers for the Phonepe IPO.
KFin Technologies Limited will be the registrar for the IPO.
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Utilisation of Offer Proceeds
The Company will not receive any proceeds of the Offer for Sale by the Selling Shareholders. Each of the Selling Shareholders will be entitled to their respective proportion of the proceeds of the Offer for Sale after deducting their portion of the Offer-related expenses and the relevant taxes thereon.
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About PhonePe Limited
PhonePe Limited is a Bengaluru-based digital payments and fintech company founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. It operates one of India’s largest digital payments platforms built on the Unified Payments Interface (UPI), enabling consumers and merchants to send/receive money, pay bills, recharge services and make in-store and online payments. Beyond core payments, PhonePe has expanded into financial services such as insurance distribution, lending facilitation and investment products, aiming to become a broad-based fintech ecosystem.
Financially, in FY25 (year ended March 31, 2025), PhonePe reported operating revenue of around ₹7,115 crore, up roughly 40% from about ₹5,064 crore in FY24, reflecting strong growth in its payments business and contributions from emerging financial services. The company also narrowed its consolidated net loss to approximately ₹1,727 crore in FY25 (from nearly ₹1,996 crore in FY24). It also reported a positive profit after tax of around ₹630 crore in FY25, and its adjusted EBITDA reached about ₹1,477 crore.
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