PhonePe IPO: Fintech giant to raise ₹12,000cr via OFS
PhonePe, the Bengaluru-based payments giant, is heading for a massive IPO with plans to raise up to ₹12,000 crore through an offer-for-sale of 5.07 crore shares.
Major investors like Walmart (4.59 crore shares), Microsoft (36.78 lakh), and Tiger Global (10.39 lakh) are cashing in some of their stakes.
The listing is expected on both BSE and NSE, with Kotak, JPMorgan, Citi, and Morgan Stanley managing the process.
PhonePe's dominance in UPI payments
PhonePe dominates UPI payments in India with nearly half the market share—serving over 65 crore registered users and over 23 crore monthly active users, and millions of merchants.
Every month, it handles close to 10 billion transactions worth over ₹12 lakh crore!
Beyond payments, PhonePe also offers merchant tools, insurance (lending and insurance together currently contribute about 7-11% of overall revenue), lending services, wealth management via Share. Market, shopping through its digital commerce initiatives, and even its own app store.
Financial performance and valuation
In FY25, PhonePe's revenue jumped 40% to ₹7,115 crore with an adjusted EBITDA of ₹1,477 crore.
But it reported a net loss of ₹1,444 crore in the first half of FY26 on revenue of ₹4,175 crore.
As of September last year, its assets were valued at over ₹23k crore—showing just how big this fintech player has become.