PhonePe IPO gets SEBI bod: Indias most anticipated fintech Public Offer set to launch
PhonePe has secured SEBI approval for its anticipated Initial Public Offer, an Offer For Sale by existing shareholders. As India's leading digital payments player, PhonePe's IPO will benchmark the fintech sector. The company demonstrated strong FY25 financials, achieving positive free cash flow and a 40% revenue increase, making it a pivotal market entry.
New Delhi: Securities and Exchange Board of India (SEBI) has given its nod to PhonePe to launch its Initial Public Offer (IPO). The payment aggregator will be filing its Updated Draft Red Herring Prospectus (UDRHP) soon. In the near future, PhonePe public offer is India's most anticipated fintech IPO, sources familiar with the development told news agency PTI.
The PhonePe IPO will be an Offer For Sale by existing shareholders of the fintech. The sources further said that the company will not be raising any additional primary capital in the IPO.
PhonePe's Digital Payments Dominance
PhonePe is a leading player in India's digital payments market with over 45 per cent market share in UPI transactions. NPCI data reveals that in December 2025, the fintech processed 9.8 billion transactions.
In the financial year 2024-25, PhonePe had recorded Rs 7,115 crore in revenue, which was a 40 per cent year-on-year increase. The company also turned free cash flow positive with operating cash flow of Rs 1,202 crore. Its adjusted PAT (excluding ESOP costs) surged 3X to Rs 630 crore.
PhonePe financials
PhonePe IPO will act as a crucial benchmark for India's digital payments sector and other fintech unicorns could eye stock market entry.
In FY25, PhonePe’s consolidated losses narrowed to Rs 1,727.4 crore, while it stood at Rs 1,996.1 crore in the preceding fiscal. The company’s revenue from operations increased by 40.5 per cent from Rs 5,064 crore in FY24 to Rs 7,115 crore in FY25.
PhonePe’s total expenses surged 21 per cent year-on-year to Rs 9,394 crore in FY25.
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