Key Highlights
- PhonePe preparing IPO to raise $1.5 bn, valuing company at nearly $15 bn, documents due by August.
- Boasting 600 mn users, 40 mn merchants, and 310 mn daily transactions, PhonePe is India’s leading UPI platform.
PhonePe, a fintech unicorn, is preparing to file preliminary documents for an IPO worth up to $1.5 billion. With a target valuation of $15 billion, PhonePe intends to submit draft papers (DRHP) by August 2025, according to Bloomberg.
Under Sameer Nigam's direction, PhonePe raised $100 million in a $1 billion funding round in December 2023, increasing its pre-money valuation to $12 billion. Walmart still owns the majority of the company, with notable investors including Tencent, TVS Capital, Ribbit Capital, Tiger Global, General Atlantic, Microsoft, and the Qatar Investment Authority.
Also Read: PhonePe Buys GSPay to Boost UPI Payments for Feature Phones
honePe is the largest player in the UPI ecosystem, processing over 310 million UPI transactions daily and accounting for more than 46.7% of the market by transaction volume. While losses decreased by 28.6% to Rs 1,996 crore in FY24, the company reported revenue of over Rs 5,000 crore.
Prior to its split from Flipkart, PhonePe had already moved its headquarters from Singapore to India in October 2022.
Aside from payments, which account for the majority of PhonePe's revenue, the company has also ventured into credit, insurance, and stockbroking.
