·  PhonePe appoints Kotak, JPMorgan, Citigroup, and Morgan Stanley as IPO bankers for its $1.5 billion public offering.

·  The company plans to file its DRHP by August 2025, targeting a $15 billion valuation.

·  PhonePe reported  Rs 5,064 crore revenue in FY24 with over 61 crore users and 34 crore daily transactions.

India's popular digital payments platform PhonePe has made a significant move towards its public listing by hiring Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley as lead bookrunners for its soon-to-be- public initial public offering (IPO), a report from PTI said.

The fintech behemoth, which was valued at $12 billion last time, is looking to raise $1.5 billion in the IPO, with hopes of taking its valuation to $15 billion. The firm will submit its Draft Red Herring Prospectus (DRHP) by August 2025, with a plan for listing domestically later this year.

Path to the Public Market

The IPO represents the defining moment of PhonePe's transition from a high-growth startup to a public company. Following its conversion to a public limited company in April 2025, the company removed a key listing compliance roadblock on Indian stock markets. This came weeks after it announced its intention to go public in February.

Originally registered in Singapore, PhonePe had done a strategic redomiciling to India in 2022. This process involved payment of a capital gains tax of almost  Rs 8,000 crore by its investors (headed by Walmart) and was undertaken to realign with Indian regulatory frameworks and gear up for its IPO.

The company has also finalised the transfer of ownership of IndusOS Appstore (previously OSLabs Pte Ltd) to India as part of this restructuring.

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Strengthening Its Financial Foundation

PhonePe's staggering growth path can be seen not just in its numbers but also in its user base. As of May 2025, it has:

• Over 61 crore registered users
• 4 crore merchants
• Over 34 crore daily transactions
• Total payment volume of over  Rs 150 lakh crore

For FY24 (March 2024), PhonePe's revenues were at  Rs 5,064 crore, up 74% year-on-year from  Rs 2,914 crore in FY23. Net losses were reduced to  Rs 1,996 crore from  Rs 2,795 crore last year. On an operating EBITDA (exclusive of ESOP cost) basis, the company had a consolidated net profit of  Rs 197 crore.

As of now, PhonePe has raised approximately  Rs 18,000 crore ($2.2 billion) in capital, including  Rs 7,021 crore ($850 million) in FY23 from marquee investors like General Atlantic, Walmart, Ribbit Capital, Tiger Global, and TVS Capital Funds.

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