PhonePe, the Indian fintech firm supported by retail giant Walmart, has taken a significant step towards its initial public offering by filing confidentially, a spokesperson confirmed on Wednesday. The move is expected to raise approximately 120 billion rupees ($1.35 billion), according to a report by Moneycontrol.
With more than 600 million registered users and a network of 40 million merchants, PhonePe is a leading player in India's digital payments landscape, leveraging the country's unified payments interface (UPI) to facilitate over 310 million online transactions daily.
Sources close to the matter revealed that the company's losses narrowed to 17.2 billion rupees in the financial year ending March 2025, down from 19.96 billion rupees in the preceding year. This positive trend in financial performance was also reflected in PhonePe's revenue, which grew by 40% to reach 71.15 billion rupees.
The IPO announcement comes amid a surge in digital transactions in India, driven by changing consumer behavior and a push towards a cashless economy. PhonePe's robust user base and merchant network position it well to capitalize on this trend and drive future growth.
While details of the planned fundraise remain undisclosed, industry watchers are keenly observing the company's next steps as it navigates the regulatory requirements and market conditions leading up to its public debut.
As PhonePe charts its course towards the public markets, investors are likely to scrutinize its financials, growth prospects, and competitive positioning within the increasingly crowded fintech sector in India.
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