Walmart-backed PhonePe begins preparing for IPO listing in India

Walmart-owned PhonePe has begun preparing for an IPO in India, the company announced on Thursday.

Published on: Feb 20, 2025, 20:08:40 IST

By HT News Desk | Edited by Ashley Paul

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India's largest fintech firm PhonePe has begun preparing for an initial public offering (IPO) of its shares on Indian exchanges, the company announced on Tuesday. The Walmart-owned company was valued at $12 billion during its last funding round in 2023.

“The company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe said in a statement.

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“PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing,” the company said.

In December 2022, PhonePe redomiciled from Singapore to India for which it had to pay around ₹8,000 crore in taxes to the government.

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PhonePe currently commands a massive 48% market share in UPI. It is followed by Google Pay, which holds a 37% market share.

PhonePe founder Sameer Nigam had mentioned that the company would not go for an IPO until there was clarity on the market share cap. "The UPI market cap overhang is definitely a problem for us. I feel nervous going into the market if there’s a 30 percent market share cap lurking or booming and going and asking retail investors to put money against today’s market share of PhonePe," he explained.

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In FY24, the Bengaluru-based company reported a 73 percent year-on-year increase in revenue at ₹5,064 crore on the back of cost efficiency and product diversification. PhonePe Group recorded adjusted Profit After Tax (PAT) of ₹197 crore, against a loss of ₹738 crore in the previous year.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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