PhonePe prepares for IPO, set to become India’s next listed FinTech

By Gloria Methri

PhonePe, India’s payments FinTech backed by Walmart, has begun preparations for a public listing on Indian stock exchanges. This move makes PhonePe the third major FinTech to go public in the country in the past five years, following the listings of Paytm and MobiKwik.

In the fiscal year 2023-2024 (FY24), PhonePe reported a substantial 74% increase in consolidated revenue from operations, reaching ₹5,064 crore, up from ₹2,914 crore in the previous fiscal year. The company’s net loss narrowed to ₹1,996 crore in FY24 from ₹2,795 crore in FY23. The improved financial performance underscores PhonePe’s growth trajectory and operational efficiency.

Strategic Moves and Market Position

In December 2022, PhonePe redomiciled from Singapore to India, a strategic decision that involved approximately $1 billion in capital gains taxes to the Indian government. The company’s long-term vision is to establish a strong presence in its home market.

As of January 2025, PhonePe commands a leading position in the Unified Payments Interface (UPI) ecosystem, holding a 47.67% market share. The decade-old platform boasts over 590 million registered users and a payment acceptance network encompassing more than 40 million merchants across India.

The National Payments Corporation of India (NPCI) had proposed a market share cap on UPI transactions to promote competition. However, in December 2024, the NPCI extended the deadline for implementing this cap by two years, now set for December 2026. This extension provides PhonePe with a more favourable environment as it prepares for its IPO.

PhonePe’s IPO plans follow other significant FinTech listings in India. Paytm, which went public in 2021, has experienced a notable decline in its share price since its debut.