Fintech giant and UPI market leader PhonePe is reportedly gearing up for a blockbuster IPO, targeting to raise up to $1.5 billion at a $15 billion valuation, according to sources cited by Bloomberg. The company is expected to file its Draft Red Herring Prospectus (DRHP) by August 2025.
Led by CEO Sameer Nigam, PhonePe has grown into India’s largest player in the UPI payments ecosystem, processing over 310 million transactions daily and commanding a dominant 46.7% market share.
The IPO buzz follows PhonePe’s last funding round in December 2023, where it raised $100 million as part of a broader $1 billion round, at a $12 billion pre-money valuation. Backed by Walmart (majority owner), the company also counts Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority among its marquee investors.
PhonePe reported a revenue of over ₹5,000 crore in FY24, with a 28.6% reduction in losses—down to ₹1,996 crore. Its strategic domicile shift to India from Singapore in 2022 positioned it well for public market entry, showcasing its commitment to being a truly Indian tech powerhouse.
Beyond payments, PhonePe is steadily building a financial super-app—expanding into credit, insurance, and stockbroking, with sights firmly set on the broader digital financial services pie.
“This IPO isn’t just about raising capital—it’s a milestone in India’s fintech maturity story,” said an industry insider close to the development.
If successful, PhonePe’s IPO could be one of the largest Indian tech listings in recent memory—reflecting the growing investor appetite for profitable, scaled digital platforms built for Bharat.
