PhonePe, one of India’s leading fintech companies, has officially started laying the groundwork for its much-anticipated initial public offering (IPO). The company plans to list on Indian stock exchanges, marking a major milestone in its decade-long journey.
Set to celebrate its 10th anniversary this year, PhonePe has grown into a financial powerhouse, serving millions of users with cutting-edge payment solutions and digital financial services.
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“Going public in India has always been a key goal for us,” the company stated in its latest media release. “We were founded here, built for this market, and have been leading India’s fintech evolution. Our shift from Singapore to India in December 2022 was a step in this direction, and we have since structured our non-payment businesses into fully owned subsidiaries.”
With strong revenue growth and improving profitability, PhonePe believes the timing is right for an IPO. According to its FY23-24 annual report, the company crossed ₹5,000 crore in revenue, marking a 74% year-on-year increase. More significantly, it turned adjusted PAT (Profit After Tax) positive—excluding Employee Stock Option (ESOP) costs.
The company reported an adjusted PAT of ₹197 crore in FY23-24, a sharp turnaround from a ₹738 crore loss the previous year. Meanwhile, its core payments business alone saw an adjusted PAT of ₹710 crore, a major improvement from a ₹194 crore loss in FY22-23.
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Beyond payments, PhonePe holds key regulatory licenses in areas like payment aggregation, pre-paid instruments, insurance broking, and stock broking, expanding its footprint in India’s digital finance ecosystem.
The company’s 2024 annual report also highlights strong investor backing, with marquee investors pouring ₹18,000 crore into the firm. “Walmart Inc, our majority shareholder, is joined by some of the world’s most influential strategic investors, sovereign funds, and private equity firms,” PhonePe stated.
With a robust financial performance and a growing ecosystem of services, PhonePe’s IPO is shaping up to be one of the most closely watched public listings in India’s fintech space.
