PhonePe, a major fintech company, plans to file for a confidential IPO by the end of September, according to reports. The Walmart-backed payments and financial services platform aims to be valued between $10 and $15 billion.

This move follows on the heels of fellow fintech unicorn Groww's regulatory approval for its own confidential IPO filing, indicating a busy IPO season for Indian tech startups in the second half of FY25.

Key Highlights

• PhonePe plans a confidential IPO filing by September to raise about $1.5 billion at $15 billion valuation.
• Expect DRHP filing around August, with JPMorgan, Citi, Morgan Stanley, and Kotak Mahindra as IPO advisors.

The PhonePe IPO has been in the works for several quarters. In April 2025, the company converted into a public entity, PhonePe Limited, as a strategic step toward listing. In 2022, PhonePe shifted its domicile from Singapore to India, incurring nearly ₹8,000 crore in taxes. This was seen as a signal of its long-term commitment to the Indian capital markets.

PhonePe has a dominant position in the UPI ecosystem, with a nearly 46 percent market share as of early 2025, ahead of competitors such as Google Pay. According to NPCI data, PhonePe processed approximately 8.93 billion UPI transactions in July. In the fiscal year ending March 2024, the company reported a 73% increase in operating revenue to ₹5,064 crore, with an adjusted PAT of ₹197 crore, a significant improvement from the previous year's loss of ₹738 crore.

Also Read: PhonePe and HDFC Bank Collaborate to Launch Co-Branded Credit Card 

PhonePe appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as lead advisors for its initial public offering (IPO). The company expects to raise approximately $1.5 billion (~₹12,750 crore) through the offering.

With Meesho, Lenskart, and others preparing for public listings, PhonePe's IPO is expected to be one of the marquee tech offerings in what promises to be a record-breaking year for Indian capital markets.