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PhonePe gets SEBI nod for IPO

EntrackrEntrackr · 12d 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.

SEBI clears Kissht IPO plans

EntrackrEntrackr · 20d ago
SEBI clears Kissht IPO plans
Medial

Capital markets regulator SEBI has cleared the initial public offering (IPO) plans of OnEMI Technology Solutions, the parent company of digital lending platform Kissht, according to regulatory filings. The approval comes after Kissht filed its Draft Red Herring Prospectus (DRHP) last year, joining a growing list of fintech firms lining up for the public markets amid improving sentiment. As per the draft papers, the proposed IPO will comprise a fresh issue of up to Rs 1,000 crore, along with an offer for sale (OFS) of nearly 8.8 million shares by existing shareholders. The company may also consider a pre-IPO placement, which could lead to a corresponding reduction in the fresh issue size. According to the DRHP, Ammar Sdn Bhd will offload up to 20.89 lakh shares, while Vertex Ventures plans to sell 39.4 lakh shares. Other selling shareholders include Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, who are looking for partial exits after nearly a decade of backing the company. The proceeds from the fresh issue are proposed to be used for augmenting the capital base of its NBFC arm, Si Creva Capital Services, funding business expansion, and meeting general corporate expenses. Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht provides small-ticket consumer loans and has scaled aggressively on the back of partnerships with merchants across electronics, fashion, travel and other categories. As of March 2025, the company had a registered user base of 53.2 million and claims to have served over 9 million customers, with 1.9 million active borrowers. Financially, Kissht reported operating revenue of Rs 1,337 crore in FY25 against Rs 1,674 crore in FY24. Its net profit stood at Rs 160 crore during the same fiscal. The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital and Centrum Capital, while KFin Technologies will act as registrar.

PhonePe files updated DRHP; Walmart to sell 9% stake via OFS

EntrackrEntrackr · 10d ago
PhonePe files updated DRHP; Walmart to sell 9% stake via OFS
Medial

PhonePe has filed its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). The IPO will be structured entirely as an Offer for Sale (OFS), with no fresh shares being issued by PhonePe itself. Existing shareholders will sell their stakes. The offer comprises up to 5.06 crore equity shares. Walmart’s unit WM Digital Commerce Holdings plans to sell about 4.59 crore shares, or roughly 9.06% of its equity. The IPO size is expected to be around Rs 12,000 crore ($1.5 billion), potentially valuing PhonePe around $14.5 billion–$15 billion. PhonePe reported a 40% year-on-year rise in operating revenue to about Rs 7,115 crore in FY25, while its net losses have been reduced to Rs 1,727 crore in FY25. During H1FY26, it reported a revenue of Rs 3,918 crore with a loss of Rs 1,442 crore. The company processed 9.8 billion customer-initiated UPI transactions worth Rs 13.61 lakh crore in December.

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