Athira Sethu
Kochi, 25 September 2025
PhonePe, the Paytm-rival digital payments firm backed by Walmart, has made its initial move to list in India’s stock markets. PhonePe has submitted confidential documents for an initial public offering, or IPO. While this is not a confirmation of listing, it indicates PhonePe is planning to raise funds from public shareholders. The firm plans to raise around 1.5 billion dollars, which would provide it with a market capitalization of almost 15 billion dollars. If it happens, that will be one of India’s biggest tech listings.
PhonePe explained that the documents were filed under SEBI’s disclosure rules and that the step follows all the required norms. At the same time, the company reminded that filing documents does not always mean the IPO will happen for sure.
PhonePe decreased its losses from last year during the financial year 2024–25. The net loss of the company decreased by approximately 13 percent to 1,727 crore rupees, whereas last year it was 1,996 crore rupees. Meanwhile, its operating revenue increased significantly, up by 40 percent to 7,114 crore rupees from 5,064 crore rupees.
PhonePe is most famous for its payment app, but it has been diversifying into other businesses. It now has credit, insurance, and stockbroking businesses. It also recently received a payment aggregator licence from the Reserve Bank of India, entitling it to process online payments from merchants directly.
The firm has also been undertaking various modifications in anticipation of the IPO. In 2022, it relocated its headquarters from Singapore to India. It also transferred the proprietorship of IndusOS Appstore, which it purchased, to India. In addition to these shifts, PhonePe has also been investing in app distribution and wealth management as an expansion strategy.
PhonePe’s IPO is being worked on by some of the largest investment banks globally. They include Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley. PhonePe was privately valued at around 12 billion dollars in 2023, indicating how investors have already considered it a giant.
PhonePe’s filing follows Bengaluru-based fintech competitor Groww revising its IPO prospectus just a few days ago. The back-to-back filings indicate Indian fintech firms are increasingly confident and would like to gauge the market for public issues. If PhonePe’s IPO succeeds, it will be a big milestone for the Indian digital economy and could be a harbinger of more fintech firms making their way to the stock market.
