A naukri.com initiative
Inc42
3w
248
Image Credit: Inc42
PhonePe To File Draft Papers For $1.5 Bn IPO By August
- Walmart-owned fintech major PhonePe is set to file draft IPO papers to raise $1.5 billion, valuing the company at $15 billion.
- PhonePe has chosen Kotak Mahindra, Citigroup, and Morgan Stanley to lead the IPO and is expected to file its DRHP in August.
- The IPO marks a 25% increase from its last private valuation of $12 billion attained after a $100 million investment from General Atlantic in 2023.
- PhonePe became a public company in April 2025 and shifted its domicile to India from Singapore in December 2022.
- The startup has raised a total of $2.3 billion from investors like Ribbit Capital, Tiger Global, and Tencent.
- PhonePe's IPO would be the second largest in the Indian fintech sector, following Paytm's $2.4 billion IPO.
- Several other fintech unicorns like Groww, Navi, and Pine Labs are also considering public listings.
- PhonePe's parent company Walmart is also planning an IPO for Flipkart, potentially valued between $60 billion and $70 billion.
- PhonePe remains loss-making but reported turning profitable in FY24, with an operating revenue increase of 74%.
- Despite losses, the company reported a profit of INR 197 crore in FY24, excluding ESOP costs.
- PhonePe's IPO has been in the works for years as it aims to list on the Indian bourses.
- The fintech industry in India is witnessing several companies planning IPOs to raise significant capital.
- The separation of PhonePe and Flipkart by Walmart in 2022 paved the way for their individual IPO plans.
- The public listing of PhonePe would be significant for the Indian startup ecosystem.
- PhonePe is among the leading players in India's fintech sector with significant funding backing its growth.
- Investors are closely following PhonePe's IPO process to gauge market interest in Indian fintech startups.
Read Full Article
10 Likes
For uninterrupted reading, download the app