In a major development for India’s fintech landscape, Walmart-backed digital payments leader PhonePe has filed confidential papers for its initial public offering (IPO), aiming to raise approximately $1.5 billion. The move signals PhonePe’s intent to go public in early 2026 and positions it among the most anticipated listings in the country’s tech sector.
The filing was made under SEBI’s pre-filing route, allowing the company to submit a Draft Red Herring Prospectus confidentially. This approach enables PhonePe to fine-tune its offering while maintaining privacy during the early stages of regulatory review.
Strong Financials and Expanding Horizons
PhonePe’s financial performance has shown consistent growth. In FY25, the company reported a 40 percent increase in operating revenue, reaching ₹7,114.8 crore, up from ₹5,064 crore in FY24. Net losses narrowed to ₹1,727 crore from ₹1,996 crore, reflecting improved operational efficiency and cost control.
Total expenses rose to ₹9,394 crore, driven by higher payment processing charges and employee costs. Despite this, PhonePe’s core payments business remains strong, supported by its expansion into credit, insurance, and wealth management.
Earlier this month, PhonePe received a payment aggregator license from the Reserve Bank of India, allowing it to offer online merchant payment services. The company has also made strategic investments in stockbroking, insurance distribution, and app monetization, further diversifying its revenue streams.
IPO Structure and Market Implications
The IPO is expected to include both fresh capital and an offer for sale. Minority investors such as Tiger Global and General Atlantic may partially exit, while Walmart, which owns over 70 percent of PhonePe, is unlikely to dilute its stake significantly.
Leading investment banks including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley have been appointed to manage the offering. The listing is projected to value PhonePe at around $15 billion, making it one of the largest fintech IPOs in India’s history.
Strategic Moves Ahead of Listing
PhonePe’s IPO plans follow a series of strategic decisions, including its shift in domicile from Singapore to India and the restructuring of its ownership in IndusOS Appstore. These moves reflect the company’s long-term commitment to the Indian market and its readiness for a domestic listing.
With over 600 million registered users and more than 310 million daily transactions, PhonePe holds a dominant position in India’s UPI ecosystem. Its public debut is expected to attract strong interest from both domestic and global investors.
What This Means for Traders and Investors
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Final Word
PhonePe’s confidential IPO filing is more than a corporate milestone—it’s a reflection of India’s rapidly evolving digital economy. As fintech, payments, and retail investing converge, the market is ripe for innovation and informed participation. Investors who stay strategic and align with credible research partners will be best positioned to benefit from this next wave of opportunity.
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