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PhonePe gets SEBI nod for IPO

EntrackrEntrackr · 3h ago
PhonePe gets SEBI nod for IPO
Medial

PhonePe gets SEBI nod for IPO Walmart-backed digital payments major PhonePe has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to sources aware of the development. The Bengaluru-based company had pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in September last year. PhonePe is reportedly eyeing a fundraise of up to Rs 12,000 crore through the public issue. The proposed IPO is largely structured as an Offer for Sale (OFS), with existing shareholders, including Walmart, Tiger Global, Microsoft and others. The listing could value PhonePe at around $15 billion. PhonePe last raised $600 million through a secondary transaction led by General Atlantic, while its most recent primary capital raise of $100 million came in May 2023, also led by General Atlantic, at a valuation of $12 billion. Operationally, PhonePe has continued to strengthen its dominance in the UPI ecosystem. In December, the company processed 9.8 billion customer-initiated transactions worth Rs 13.61 lakh crore, as per NPCI data. The fintech firm has also pivoted Pincode from a B2C offering to a B2B merchant-focused model, moving away from its original local commerce play launched on ONDC in April 2023. Financially, PhonePe posted 40.5% year-on-year growth in operating revenue, which rose to Rs 7,115 crore in FY25 from Rs 5,064 crore in FY24. Its adjusted profit (excluding ESOP costs) surged nearly fivefold to Rs 630 crore, compared to Rs 117 crore a year earlier.

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