Walmart-backed PhonePe gears up for potential IPO on Indian exchanges

Walmart-backed PhonePe is gearing up for a potential IPO on Indian exchanges, becoming the latest tech unicorn to explore public markets. The digital payments giant announced today that it has begun preparatory steps for the listing. PhonePe, which redomiciled from Singapore to India in December 2022, stated it has established a clear corporate structure, with each of its new non-payment businesses as fully owned subsidiaries. In a statement, PhonePe said it has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry.

While the company did not specify a timeline for the listing, it added that strong top-line and bottom-line growth across its business portfolio made this a suitable time to prepare for a public listing. As of January 2025, PhonePe has over 59 crore lifetime registered users and a digital payments acceptance network spread across over 4 crore merchants. PhonePe also processes over 31 crore transactions daily, with an Annualized Total Payment Value (TPV) of over ₹145 lakh crores.

The PhonePe Group recorded revenue of ₹5,064 crore for FY24, reflecting a 74% top-line growth from FY23. The company also narrowed its net loss by 29%, reporting a loss of ₹1,996 crore in FY24 compared to ₹2,795 crore in FY23.

Speaking to CNBC-TV18 at the Global Fintech Summit last year, PhonePe’s co-founder Sameer Nigam had expressed concerns over regulatory uncertainty impacting the company’s IPO plans, particularly referencing the NPCI’s proposed 30% cap for UPI market share, which was later extended by another 2 years.