PhonePe Prepares Confidential IPO Filing Targeting $10–15 Billion Valuation

Fintech giant PhonePe is advancing toward a confidential IPO filing by September, with an anticipated valuation between $10 billion and $15 billion. The Walmart-backed payments platform has converted to a public entity, PhonePe Limited, as part of its listing strategy. This MOVE follows Groww’s recent regulatory approval for its own IPO, signaling heightened activity in India’s tech startup market.

PhonePe’s dominance in India’s UPI ecosystem remains unchallenged, holding a 46% market share ahead of competitors like Google Pay. The company processed 8.93 billion UPI transactions in July alone. Its financial performance has shown remarkable improvement, with operating revenue surging 73% to ₹5,064 crore in FY24 and an adjusted PAT of ₹197 crore, reversing prior losses.

The IPO preparations include appointments of Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as lead advisors. PhonePe’s 2022 domicile shift from Singapore to India—a move that incurred ₹8,000 crore in taxes—underscores its commitment to Indian capital markets.