PhonePe Prepares To Launch IPO; Know All The Key Details Here

PhonePe, a Bengaluru-based digital payments and fintech firm, is all set to go public, as per the announcement made in the press note on February 20th.

This move comes as the company will be celebrating its 10th anniversary this year and follows its transfer of incorporation from Singapore to India in December 2022.

As per the PR, the company stated: 

“PhonePe’s strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report*, makes this a suitable time to prepare for a public listing.”

Backed by Walmart, Microsoft, and other well-known companies, PhonePe’s UPI dominance continues, with a market share of more than 48.4% and 40 million+ merchants and over 590 million registered users, processing more than 310 million online transactions daily (as of January 2025). 

PhonePe was last valued at $12 billion in May 2023 when it raised a major venture round from General Atlantic and Ribbit Capital, among others. 

In FY23-24, the company recorded revenue of Rs 5064 Cr and a net loss of Rs 1,996 crore. However, the PAT-excluding ESOPs Cost was a profit of Rs 197 crore.

Over the past five years, its revenue from operations has surged from Rs 184 crore in FY18-19 to Rs 5,064 crore in FY23-24, reflecting an impressive CAGR of 94%.

While the company has not disclosed any specific timeline for the IPO, its decision to go public aligns with its strong financial performance and leadership in India's fintech sector.