PhonePe IPO: Walmart-onwed fintech player files confidential draft papers, check details
Walmart-backed PhonePe has reported to file its confidential draft red herring prospectus (DRHP) with the capital market regulator Sebi, suggest reports.
- Sep 24, 2025,
- Updated Sep 24, 2025 11:01 AM IST
Walmart-backed PhonePe has reported to file its confidential draft red herring prospectus (DRHP) with the capital market regulator Sebi, according to a report from MoneyControl. The digital payment and fintech player is likely to raise around Rs 12,000 crore ($1.35 billion) through its maiden offering, which is said to be a purely offer-for-sale (OFS) offering, the report said.
MoneyControl, citing sources privy to the matter, reported that Walmart, Tiger Global and Microsoft are the three shareholders looking to participate in the OFS issue, which will involve a combined dilution of around 10 per cent stake. However, at the participants and PhonePe have not responded to the same.
According to media reports, PhonePe has picked four investment bankers including Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan to advise and manage its mega IPO. The company was then reported a targeting a listing valuation of up to $15 billion (Rs 1,33,000 crore). Shardul Amarchand Mangaldas and Trilegal are the legal advisors on the high-profile issue, said sources.
PhonePe, one of India's leading digital payments platforms, has reported significant milestones for the fiscal year ending March 2025. The company's revenue increased by 40% year-on-year to Rs 7,115 crore, while it achieved positive free cash flow for the first time, generating Rs 1,202 crore from operations. These results come as PhonePe diversifies beyond payments into areas such as loan distribution and stock broking, reflecting efforts to strengthen its position in India's fintech sector and expand globally.
PhonePe is backed by prominent investors, with Walmart as the majority shareholder. Other investors include Tiger Global, Microsoft, General Atlantic, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority. The strong investor base aligns with PhonePe's leading role in the Unified Payments Interface (UPI) market, where it competes with Google Pay.
The company's operational performance has shown strong improvements. PhonePe's adjusted EBITDA (excluding ESOP costs) more than doubled to Rs 1,477 crore in FY25. Adjusted profit after tax surged by 220% to Rs 630 crore, and the company posted its first-ever positive adjusted EBIT (excluding ESOP costs) of Rs 117 crore.
Launched in August 2016, PhonePe has evolved into a diversified financial services group. It now offers products in insurance, lending, and wealth management, alongside technology ventures such as Pincode and Indus Appstore.
The firm's FY24 annual report highlighted its growing user base and transaction volumes. "As of March 2024, we have about 53 crore registered users, approximately 20 crore monthly active customers, 50 plus lakh net payment devices deployed and we process over 770 crore transactions monthly, amounting to Rs 10.5 lakh crore in total payment value," the firm said.
Internationally, PhonePe has broadened its reach through partnerships in six countries. The annual report added, "In the last few months, we have expanded globally with partnerships in 6 countries (Singapore, United Arab Emirates, Nepal, Sri Lanka, Bhutan and Mauritius), thus enabling UPI payments for our consumers travelling abroad."
PhonePe is among several issuers that have opted for the confidential pre-filing route introduced by Sebi in November 2022. This approach enables companies to keep sensitive business and financial details undisclosed until a final decision on public listing is made. Other companies like Tata Capital, Tata Play, and Swiggy have also chosen this route, reflecting a trend among Indian fintech and technology firms prioritising confidentiality while considering market conditions.
Walmart-backed PhonePe has reported to file its confidential draft red herring prospectus (DRHP) with the capital market regulator Sebi, according to a report from MoneyControl. The digital payment and fintech player is likely to raise around Rs 12,000 crore ($1.35 billion) through its maiden offering, which is said to be a purely offer-for-sale (OFS) offering, the report said.
MoneyControl, citing sources privy to the matter, reported that Walmart, Tiger Global and Microsoft are the three shareholders looking to participate in the OFS issue, which will involve a combined dilution of around 10 per cent stake. However, at the participants and PhonePe have not responded to the same.
According to media reports, PhonePe has picked four investment bankers including Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan to advise and manage its mega IPO. The company was then reported a targeting a listing valuation of up to $15 billion (Rs 1,33,000 crore). Shardul Amarchand Mangaldas and Trilegal are the legal advisors on the high-profile issue, said sources.
PhonePe, one of India's leading digital payments platforms, has reported significant milestones for the fiscal year ending March 2025. The company's revenue increased by 40% year-on-year to Rs 7,115 crore, while it achieved positive free cash flow for the first time, generating Rs 1,202 crore from operations. These results come as PhonePe diversifies beyond payments into areas such as loan distribution and stock broking, reflecting efforts to strengthen its position in India's fintech sector and expand globally.
PhonePe is backed by prominent investors, with Walmart as the majority shareholder. Other investors include Tiger Global, Microsoft, General Atlantic, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority. The strong investor base aligns with PhonePe's leading role in the Unified Payments Interface (UPI) market, where it competes with Google Pay.
The company's operational performance has shown strong improvements. PhonePe's adjusted EBITDA (excluding ESOP costs) more than doubled to Rs 1,477 crore in FY25. Adjusted profit after tax surged by 220% to Rs 630 crore, and the company posted its first-ever positive adjusted EBIT (excluding ESOP costs) of Rs 117 crore.
Launched in August 2016, PhonePe has evolved into a diversified financial services group. It now offers products in insurance, lending, and wealth management, alongside technology ventures such as Pincode and Indus Appstore.
The firm's FY24 annual report highlighted its growing user base and transaction volumes. "As of March 2024, we have about 53 crore registered users, approximately 20 crore monthly active customers, 50 plus lakh net payment devices deployed and we process over 770 crore transactions monthly, amounting to Rs 10.5 lakh crore in total payment value," the firm said.
Internationally, PhonePe has broadened its reach through partnerships in six countries. The annual report added, "In the last few months, we have expanded globally with partnerships in 6 countries (Singapore, United Arab Emirates, Nepal, Sri Lanka, Bhutan and Mauritius), thus enabling UPI payments for our consumers travelling abroad."
PhonePe is among several issuers that have opted for the confidential pre-filing route introduced by Sebi in November 2022. This approach enables companies to keep sensitive business and financial details undisclosed until a final decision on public listing is made. Other companies like Tata Capital, Tata Play, and Swiggy have also chosen this route, reflecting a trend among Indian fintech and technology firms prioritising confidentiality while considering market conditions.