PhonePe, backed by Walmart, became a public limited company on May 1, 2025, moving closer to an IPO after a 10:1 stock split and board changes earlier this year.

PhonePe is an Indian fintech platform offering payments, insurance, lending, wealth management, and ecommerce services.

For the year ended March 2025, consolidated revenue rose 40% year-on-year to 7,115 crore rupee (US$846 million), with net loss narrowing 13% to 1,727 crore ropee (US$209 million).

Revenue from payments, insurance, and lending distribution services all saw significant growth.

PhonePe holds cash and investments totaling 3,899 crore rupee (US$471 million) and recently received approval from the Reserve Bank of India to operate as a licensed online payment aggregator.

The company is also investing in green energy solutions, including solar power for its offices and data centers.

The company has enlisted JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citigroup for its planned listing.

A Bloomberg report estimated the IPO could have a value of US$1.5 billion, with a possible company valuation of US$15 billion.

🔗 Source: The Economic Times

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