According to reports, fintech decacorn PhonePe intends to submit preliminary filings for an IPO with a target valuation of up to $1.5 billion.
A Bloomberg report states that PhonePe plans to submit draft papers (DRHP) by August 2025 and will aim for a $15 billion valuation.
PhonePe, led by Sameer Nigam, last raised $100 million at a pre-money valuation of $12 billion in December 2023 as part of a $1 billion funding round. Walmart continues to hold the majority stake, with the Qatar Investment Authority, Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, and Tencent among other prominent investors.
With over 46.7% of the market share by transaction volume and the ability to process over 310 million UPI transactions every day, PhonePe is the biggest participant in the UPI ecosystem. While cutting losses by 28.6% to Rs 1,996 crore during the same period, the company reported revenue of over Rs 5,000 crore in FY24.
In October 2022, PhonePe moved its headquarters from Singapore to India in preparation for its separation from Flipkart.
In addition to payments, which account for the majority of PhonePe’s earnings, the business has ventured into stockbroking, credit, and insurance.
