PhonePe gets Sebi nod for IPO; may raise Rs 12,000 crore via OFS: report

UPI payment market leader PhonePe has received approval from the Securities and Exchange Board of India (Sebi) to proceed with an initial public offering, according to a media report.

Citing sources, Moneycontrol reported that the Walmart-owned digital payments firm is likely to file its draft red herring prospectus (DRHP) with the market regulator soon. PhonePe is said to be looking to raise around Rs 12,000 crore (about $1.35 billion) through a pure offer-for-sale (OFS), valuing the company at approximately $15 billion.

PhonePe currently commands about 45% share of India’s mobile payments market, while Google Pay holds around 35%. The platform processes close to 10 billion transactions every month, with a total transaction value of nearly Rs 12 lakh crore.

In FY25, PhonePe reported a 40% increase in revenue to Rs 7,115 crore, compared with Rs 5,064 crore in FY24. Its adjusted profit after tax surged 438% to Rs 630 crore during the year, from Rs 117 crore in the previous fiscal.

PhonePe would be the second Walmart-owned company to line up for a public listing in India. Media reports have also indicated that Flipkart is planning to make its stock market debut this year.

In December 2025, the National Company Law Tribunal approved the merger of eight Flipkart group entities, moving the e-commerce major closer to obtaining an Indian domicile. Flipkart is still awaiting approval from a Singapore court before the process is completed with the Registrar of Companies.