IPO bells: Fintech major PhonePe gears up for public debut
In December 2022, PhonePe moved its base from Singapore to India, eyeing a public listing on the domestic bourses.
Walmart-backed PhonePe on Thursday said it has started preparing for its initial public offering (IPO) on the Indian stock exchanges.
According to a press note, 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."
In December 2022, PhonePe moved its base from Singapore to India, eyeing a public listing on the domestic bourses. Later, the Sameer Nigam-led fintech giant established a clear corporate structure with each of its new non-payment businesses as fully owned units to prepare for its public debut plans.
Earlier this month, the fintech major exited the account aggregator (AA) business and said it was transitioning to a partnership model with existing AAs. In less than two years after securing it, PhonePe surrendered its non-banking financial company AA (NBFC-AA) license to the Reserve Bank of India.
In August 2024, the digital payments giant turned adjusted profit after tax (PAT) positive after reporting a profit of Rs 197 crore, excluding ESOP-related costs, in FY23-24, marking a recovery from a loss of Rs 738 crore in FY22-23.
It also reported a revenue growth of 74% year-on-year to Rs 5,064 crore from Rs 2,914 crore in the previous fiscal year.
PhonePe has maintained its stronghold in India's digital payments space, after recording over 798 crore UPI transactions in December 2024—a 7.8% increase from the 740 crore transactions registered in November.
Edited by Suman Singh