PhonePe plans $1.5 billion IPO at $13-15 billion valuation
PhonePe, India's top digital payments app, is gearing up for a massive IPO aiming for a $13-15 billion valuation.
The company plans to raise about $1.5 billion by selling 5.07 crore shares (₹1 face value each), with existing shareholders expected to sell nearly 10% of the company.
PhonePe's dominance in UPI payments and expansion into new verticals
With a 45% share of India's UPI payments market, PhonePe handles about 10 billion transactions every month and serves over 600 million users.
Besides payments, it's branching into insurance, lending, wealth management (via Share. Market), and e-commerce (through Pincode).
PhonePe has also taken its UPI services global—now available in places like Singapore and the UAE.
SEBI approval, expected listing timeline, and financial highlights
The source does not report SEBI approval; it says PhonePe filed for the IPO in September 2025 and aims to complete the process by April 2026.
The listing is expected on NSE and BSE by April 2026, with Kotak Mahindra Capital, JP Morgan, Citigroup, and Morgan Stanley leading the process.
On the financial side: revenue is growing fast but losses remain due to high share-based compensation costs; future risks include tighter UPI rules that could impact growth.