PhonePe gears up for $1.5B IPO, targets $15B valuation
The move could catapult the digital payments giant to a $15 billion valuation, a sharp leap from its $12 billion mark during its last funding round in 2023.
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Walmart-backed PhonePe is charging toward the public markets with plans to file for a IPO that could raise up to $1.5 billion, Bloomberg reported. As per the media report, the move could catapult the digital payments giant to a $15 billion valuation, a sharp leap from its $12 billion mark during its last funding round in 2023.
India’s most-used digital payments platform is expected to file its draft red herring prospectus (DRHP) as soon as August, as it seeks to ride a wave of fintech optimism and favorable market conditions. The IPO, one of the most anticipated in India’s tech space, is being orchestrated by a powerhouse syndicate - Kotak Mahindra Capital, JPMorgan, Citi and Morgan Stanley.
Founded in 2015, PhonePe boasts a staggering 610 million registered users and processes 340 million transactions daily, cementing its dominance in UPI and digital commerce across Bharat’s urban and rural frontiers.
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The timing of this public debut signals more than just capital ambition, it marks a turning point in India’s maturing digital economy. With competition heating up in financial services and super-app ambitions, PhonePe’s IPO could reshape the contours of India’s next-gen fintech landscape.
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