PhonePe to file for confidential IPO by September, eyes $10–15 bn valuation

Fintech major PhonePe is set to file for a confidential IPO by the end of September, sources close to the development told businessline. The Walmart-backed payments and financial services platform is aiming for a valuation in the range of $10–15 billion, the sources added.

This move comes close on the heels of fellow fintech unicorn Groww securing regulatory approval for its own confidential IPO filing, signaling a busy IPO season for Indian tech startups in the second half of FY25.

PhonePe’s IPO has been in the works for several quarters. In a strategic step toward listing, the company converted into a public entity—PhonePe Limited—in April 2025. Earlier, in 2022, PhonePe shifted its domicile from Singapore to India, incurring nearly ₹8,000 crore in taxes, in what was seen as a signal of its long-term commitment to Indian capital markets.

PhonePe commands a dominant position in the UPI ecosystem, with a nearly 46 per cent market share as of early 2025, ahead of rivals like Google Pay. As per NPCI data, PhonePe processed about 8.93 billion UPI transactions in July. For the fiscal year ending March 2024, the company reported a 73 per cent surge in operating revenue to ₹5,064 crore, with an adjusted PAT of ₹197 crore, a sharp turnaround from the previous year’s loss of ₹738 crore.

In February, PhonePe appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as lead advisors for its IPO. The company is expected to raise around $1.5 billion (~₹12,750 crore) through the offering.

With Meesho, Lenskart, and others also preparing for public listings, PhonePe’s IPO is poised to be one of the marquee tech offerings in what is shaping up to be a blockbuster year for Indian capital markets.

(This is a developing story)

Published on September 4, 2025