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PhonePe hires JPMorgan Chase, Citigroup, Morgan Stanley and Kotak as IPO bankers: Report
- PhonePe, India’s largest digital payments platform, has selected four global investment banks - JPMorgan Chase, Citigroup, Morgan Stanley, and Kotak Mahindra Capital - to handle its forthcoming IPO.
- The company is aiming to raise $1.5 billion in the IPO, potentially boosting its valuation to $15 billion.
- PhonePe is projected to file its draft red herring prospectus (DRHP) by August, with plans for a listing later this year.
- This IPO signifies PhonePe's shift from a high-growth startup to a publicly traded firm following its restructuring into a public limited company in April 2025.
- Founded in 2016 and originally based in Singapore, PhonePe later relocated its headquarters to India in 2022 to enable regulatory compliance and facilitate an IPO on Indian exchanges.
- PhonePe has now legally transferred the ownership of its IndusOS Appstore to India as part of its IPO arrangements.
- As of May 2025, PhonePe boasts 61 crore registered users, 4 crore merchants, over 34 crore daily transactions, and a total payment value exceeding Rs 150 lakh crore.
- In FY24, PhonePe's revenue reached Rs 5,064 crore, up 74% from FY23, with narrowed net losses of Rs 1,996 crore compared to Rs 2,795 crore in the previous year.
- Excluding ESOP expenses, PhonePe showed a consolidated net profit of Rs 197 crore in FY24.
- The company has raised around Rs 18,000 crore ($2.2 billion) to date, with significant investments coming from General Atlantic, Walmart, Ribbit Capital, Tiger Global, and TVS Capital Funds.
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