PhonePe backed by Walmart has commenced preparations for its initial public offering on the Indian stock exchanges. PhonePe achieved profitability in the fiscal year 2024 reporting a consolidated profit of ₹1.97 billion a notable turnaround from reversals of ₹7.38 billion in the previous year. The digital payments company, which is owned by Flipkart, announced on Thursday (February 20) that it is initiating preparatory measures in anticipation of its potential IPO and its intention to list on Indian exchanges.
In a statement, PhonePe stated that it has long desired to become a public company in India, as it was established in the country and is a leader in the fintech industry. The fintech major stated that the company is opportune to go public, citing its robust top-line and bottom-line development in the fiscal year 2023-24.
Nevertheless, the IPO’s magnitude, valuation, and timeline are not yet known.
Last year, Sameer Nigam, the CEO of PhonePe, stated that the company would not pursue an IPO until the regulations regarding UPI market share were clarified.
PhonePe, a prominent fintech company and UPI platform in India, was established in 2015 by Nigam, Burzin Engineer, and Rahul Chari. In 2023, the organization secured over $1 billion in funding. As of January 2025, it dominated the UPI market with a market share of over 48%, surpassing its competitors, Google Pay and Paytm.
Key Highlights:
- Profitability Achieved: PhonePe reported a consolidated profit of ₹1.97 billion in FY2024, reversing the previous year’s losses.
- Revenue Growth: The company’s revenue grew 74% to exceed ₹50 billion.
- Market Dominance: PhonePe owns a 48% share of the UPI transactions as of January 2025.
- User Base Expansion: The platform boasts over 590 Million registered users.
India has become a hub for new-age tech IPOs, and PhonePe’s public listing intentions coincide with this trend. Last year, thirteen startups, including Swiggy, Ola Electric, Awfis, and MobikWik, made their stock market debuts and collectively raised INR 29,000 Cr+ through their IPOs.
Several new-age technology companies, including Zepto, Smartworks, DevX, BlueStone, and Ola Consumer, are anticipated to go public this year, contributing to the ongoing IPO surge.
Also Read: UPI transactions soar to nearly 17 billion in January
