Walmart-owned fintech giant PhonePe is preparing to file its draft IPO papers in August 2025, aiming to raise $1.5 billion at a $15 billion valuation, according to Bloomberg. The Unified Payments Interface (UPI) leader has appointed Kotak Mahindra, Citigroup, and Morgan Stanley to manage the public offering, marking a significant step toward its long-planned listing on Indian stock exchanges.
In April 2025, PhonePe transitioned to a public company, laying the groundwork for its IPO. The company first announced its listing intentions in February 2025, without specifying a timeline or IPO size. PhonePe, originally founded in India, shifted its domicile from Singapore to India in 2022, incurring approximately $1 billion in capital gains taxes for its investors. This move established a streamlined corporate structure, with non-payment businesses as wholly-owned subsidiaries.
The anticipated $15 billion IPO valuation reflects a 25% increase from PhonePe’s $12 billion valuation in May 2023, when it secured $100 million from General Atlantic. To date, the fintech has raised $2.3 billion from investors, including Ribbit Capital, Tiger Global, Tencent, and TVS Capital Funds. If successful, PhonePe’s IPO would be the second-largest in India’s fintech sector, following Paytm’s $2.4 billion public issue and surpassing MobiKwik’s ₹572 crore IPO in 2024.
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Other fintech unicorns, such as Groww, Navi, InCred, and Pine Labs, are also pursuing public listings. Meanwhile, Walmart’s other Indian venture, Flipkart, is eyeing a listing at a $60–70 billion valuation. PhonePe and Flipkart operated as a single entity until their separation in December 2022, after which Walmart paid $3.5 billion to acquire Flipkart shares and settle PhonePe-related liabilities.
Despite a 74% revenue surge to ₹5,064 crore in FY24, PhonePe reported an ₹1,996 crore loss, a 28% improvement from FY23. Excluding ESOP costs, it achieved an ₹197 crore profit in FY24.
