PhonePe : India’s largest fintech company, PhonePe, is taking significant steps toward its much-anticipated IPO, preparing to list on the Indian stock market. As the company celebrates its 10th anniversary in 2025, it has officially announced its intentions to go public, marking a new milestone in its impressive journey.
PhonePe, one of India’s leading digital payments and fintech platforms, has announced that it is now ready for a public listing, sharing its recent financial performance. The company clarified in its FY23-24 annual report that its strong top-line and bottom-line growth makes it an ideal time for an IPO.
Phone Pay Dominance in UPI Payments
PhonePe has long been a leader in the Indian digital payments space. It tops the list of UPI (Unified Payments Interface) apps in India, with more users than both Google Pay and Paytm. As of November 2024, PhonePe had 47.8% of the UPI market share, making it the largest UPI payment platform in the country. By comparison, Google Pay holds 37% of the market share. With over 590 million registered users and 40 million merchants, PhonePe continues to dominate the digital payment landscape, processing more than 310 million transactions per day.
Phone Pay Financial Performance
In FY23-24, PhonePe reported a revenue of ₹5,064 crore and a net loss of ₹1,996 crore. However, excluding the cost of ESOPs, the company reported a profit after tax (PAT) of ₹197 crore. Over the past five years, the company’s revenue from operations has grown from ₹184 crore in FY18-19 to ₹5,064 crore in FY23-24, reflecting an impressive 94% Compound Annual Growth Rate (CAGR).
Phone Pay UPI Dominance and Investor Backing
PhonePe has maintained its dominant position in India’s UPI (Unified Payments Interface), holding over 48.4% market share. The company has more than 40 million merchants and over 590 million registered users, processing over 310 million online transactions daily (as of January 2025). Additionally, PhonePe is supported by major investors like Walmart, Microsoft, and others, providing crucial backing for its growth and expansion.
Phone Pay Valuation and Future
PhonePe’s latest valuation stood at $12 billion in May 2023 when it raised significant funding from investors like General Atlantic and Ribbit Capital. Given its strong financial figures and leadership, the company’s decision to go public aligns with its leadership in the fintech sector in India. While PhonePe has not disclosed a specific timeline for its IPO, its decision to go public reflects its robust financial performance and leadership in the Indian fintech space.
Phone Pay Ownership Structure
PhonePe is primarily owned by Walmart, with its Luxembourg-based entity FIT Holdings SARL holding 83.91% of the company as of March 31, 2024. Other notable investors include General Atlantic Singapore, which owns 5.14%, and PhonePe’s Singapore-based subsidiary, which holds 6.7% of the company.
PhonePe’s IPO could be a major milestone for the fintech sector in India. With strong financial performance, UPI dominance, and the backing of major investors, it presents a potentially attractive investment opportunity. Although a specific date for the IPO has not been announced, its public listing looks promising, given the company’s strong position in the market.
Disclaimer: This article is for educational purposes only. The information provided may change over time, and it should not be considered as investment advice. Always conduct your own research or consult with a financial advisor before making any investment decisions.
Related Article :
Upcoming IPO : Shreenath Paper and Nukleus Office Solutions Set to Launch This Week
Nukleus Office Solutions Limited IPO: A Comprehensive Review and Analysis
8 Semiconductor Sector in India : A Fundamental Analysis of Key Players
5 Best Green Energy Stock Overview : A Deep Dive into India’s Renewable Energy Sector
