PhonePe IPO: Walmart-backed fintech files papers for ₹12,000 crore IPO via confidential route, suggest reports

Walmart-backed fintech firm PhonePe has filed its draft papers with the capital markets regulator for an initial public offering (IPO) via the confidential route, a Reuters report said, quoting the company's spokesperson.

Meanwhile, another media report pegged the PhonePe IPO size at ₹12,000 crore or $1.35 billion.

The confidential pre-filing route enables a company to keep details in its Draft Red Herring Prospectus (DRHP) private from the public initially. Additionally, submitting a pre-filed DRHP does not obligate the company to proceed with the IPO.

PhonePe reports narrower loss

Ahead of the IPO filing, the company earlier this week reported that its losses narrowed during the financial year 2024-25 (FY25). The company posted a net loss of ₹1,720 crore ($194.78 million) compared with a ₹1,996 crore loss in the fiscal year FY24.

Meanwhile, its revenue from operations rose 40% to ₹7,115 crore in the same period.

About PhonePe

PhonePe, one of India’s most widely used digital payment apps powered by the Unified Payments Interface (UPI), announced earlier this year that it is preparing to list on the Indian stock market.

The platform boasts over 600 million registered users, supports 40 million merchants, and handles more than 310 million online transactions every day, as per the Reuters report.

Moreover, the company also recently announced that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

With RBI authorisation in place, PhonePe will be able to expand its reach and tap into online merchants, with a particular focus on small and medium businesses (SMEs) across the country, according to a release by the company.

Yuvraj Singh Shekhawat, CBO merchant business at PhonePe, said, "With this authorisation, PhonePe is well-positioned to accelerate financial inclusion by providing accessible payment solutions to businesses that were previously underserved, particularly in the SME segment."

The company's focus on serving both established enterprises and emerging businesses aligns with its goal of enabling broader digital financial inclusion, Shekhawat added.

(With inputs from agencies)

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