Walmart-owned PhonePe on Thursday said it has started taking preparatory steps on an initial public offer and plans to list on the Indian exchanges.
A press statement said that the move marks a significant milestone for the company, which will celebrate its 10-year anniversary in 2025, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions.
“PhonePe has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry. In Dec 2022, PhonePe redomiciled from Singapore to India, and subsequently, established a clear corporate structure with each of its new non-payment businesses as fully owned subsidiaries’’, the company said.
``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,’’ it added.
The PhonePe group recorded revenues of ₹5,064 crore in the year ended March 31, 2024 which represents a 74 per cent top-line growth from the 2022-23 revenue of ₹2,914 crore.
The group also reported an adjusted profit after tax (PAT excluding ESOP costs) of ₹197 crore for 2023-24 compared with a loss of ₹738 crore in 2022-23.
Its flagship product, the PhonePe digital payments app, was launched in August 2016. As of January 2025, PhonePe has over 59 crore lifetime registered users and a digital payments acceptance network spread across over four crore merchants. It also processes over 31 crore transactions daily with an annualized total payment value (TPV) of over ₹145 lakh crore.
If PhonePe goes ahead with the listing plans, it will join other new age firms that include Zomato, Swiggy, PB Fintech, Paytm.
