PhonePe prepares for IPO with public company status

PhonePe, a digital payments platform owned by Walmart, has transitioned into a public company, according to regulatory filings.

The transition was approved during an extraordinary general meeting on April 16, 2025.

As part of the move, the company has changed its name from PhonePe Private Limited to PhonePe Limited.

This development is considered a step toward the company’s anticipated initial public offering (IPO).

PhonePe has been preparing for a domestic listing since relocating its headquarters from Singapore to India and recently brought on four investment banks to support the IPO process.

🔗 Source: Inc42

🧠 Food for thought

1️⃣ Indian fintech IPOs showing signs of maturity and improved financial discipline

PhonePe’s IPO preparation comes with stronger financial fundamentals than earlier fintech listings, signaling greater market maturity.

The company reported a 73.78% revenue increase to ₹5,064 crore for FY24 while significantly narrowing its net loss to ₹1,996 crore, indicating a clearer path to profitability 1.

This financial trajectory stands in contrast to earlier fintech IPOs that faced investor skepticism due to wider losses and uncertain profitability timelines.

PhonePe has achieved an adjusted post-tax profit of ₹197 crore in FY24, demonstrating operational efficiency improvements that investors now expect from tech companies seeking public listings 2.

With a dominant 47.67% market share in UPI transactions and over 590 million registered users, PhonePe’s business model shows both scale and sustainability that earlier fintech IPOs sometimes lacked 3.

2️⃣ Strategic “reverse flipping” from Singapore to India emerging as IPO preparation pattern

PhonePe’s redomiciliation from Singapore to India in December 2022 represents a strategic corporate restructuring specifically designed to prepare for its Indian public listing.

The company deliberately restructured its corporate entity ahead of the IPO, establishing a clearer separation between its payment and non-payment businesses to optimize its market position 3.