About PhonePe IPO
PhonePe Ltd. has filed its UDRHP-1 on January 21, 2026, for its impending IPO, which will be a 100% book-built issue. The total offer amount comprises up to 50,660,446 equity shares, which will be entirely an Offer for Sale (OFS) by existing shareholders.
Although the face value of each equity share is ₹1, the price band will be declared by the company separately. This offering is handled by a team of professional Book Running Lead Managers (BRLMs), which comprises Kotak Mahindra Capital, Goldman Sachs, J.P. Morgan, Citigroup, Morgan Stanley, Axis Capital, Jefferies, and JM Financial, while KFin Technologies Ltd. is the registrar to the issue.
Company Background
PhonePe Ltd. was incorporated as "FX Mart Private Ltd." on December 18, 2012. In 2015, the company was acquired by Flipkart, and subsequently, the company changed its name to PhonePe Private Ltd. in November 2016 to align with its business operations. Later, it was converted into a public ltd. company in May 2025. At present, the company is headquartered at its registered and corporate office in Bengaluru, Karnataka, and has a presence that covers PAN-India.
Operations and Product Range
PhonePe Ltd. offers a broad spectrum of digital services. The main services offered by PhonePe include person-to-person money transfers, bill payments, and mobile recharges. In addition, the company has ventured into the following:
- • Merchant Solutions: Supporting offline and online merchants with payment solutions such as smart speakers, EDC machines and payment gateways.
- • Financial Services: Offering insurance products and lending solutions.
- • New Platforms: Stockbroking and mutual fund distribution (through subsidiaries) and the Indus Appstore.
Facilities and Capacity
As a technology-first company, PhonePe Ltd.'s "capacity" is driven by its digital infrastructure. Notably, the company chose to build and own its data centers rather than relying solely on third-party cloud services. This strategic investment was made to ensure compliance with India’s data localization norms while improving cost and performance. Its sales and service team is highly extensive, covering 96.96% of the country’s pin codes.
Brands and Market Presence
The flagship "PhonePe" brand is one of India's most recognized names in the digital economy. PhonePe Ltd. focuses on three pillars for market presence: brand development through high-reach media, platform adoption via digital marketing, and the discovery of new services through merchandising on its platforms.
Revenue Streams and Business Model
The business model is designed for scale and efficiency. For the fiscal year 2025, the PhonePe Platform reported revenue from operations of ₹7,055.59 crore. Primary revenue sources include:
- • Transaction fees from payments and utility bills.
- • Service fees from merchant payment devices and gateway services.
- • Distribution commissions from lending, insurance, and mutual fund products.
- • Advertisement revenue across its various platforms.
Management and Shareholding
The company is promoted by WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc. The PhonePe IPO involves several selling shareholders, who collectively dilute their ownership in this public listing.
Board and Key Management
The leadership team of PhonePe Ltd. consists of its founders (Sameer Nigam (CEO) and Rahul Chari) and seasoned industry professionals. Also, the board members of the company are supported by an experienced, independent board committed to high standards of governance.
PhonePe IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer for Sale (OFS) |
| Total Issue Size | Up to 5,16,60,446 Equity Shares (Aggregating to ₹ [●] Cr) |
| Reserved for Market Maker | Not applicable (100% Book Built Offer) |
| Fresh Issue(Ex Market Maker) | Up to 5,06,60,446 Equity Shares |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 50,66,04,456 shares |
| Share Holding Post Issue | 50,66,04,456 shares |
PhonePe IPO Financial Information
Latest Revenue
3,083.43
₹ Crore
Profit After Tax
-2,796.07
₹ Crore
Net Worth
7,387.24
₹ Crore
Total Borrowing
0.00
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-23 | 11,840.28 | 3,083.43 | -2,796.07 | 7,387.24 | 7,474.81 | 0.00 |
| 31-Mar-24 | 12,706.48 | 5,722.20 | -1,996.1 | 9,324.12 | 9,410.97 | 0.00 |
| 31-Mar-25 | 18,205.23 | 7,631.38 | -1,727.41 | 9,374.34 | 9,464.84 | 0.00 |
| 30-Sept-25 | 23,178.95 | 4,174.51 | -1,444.42 | 9,539.02 | 9,624.27 | 0.00 |
| Amount in ₹ Crore | ||||||
PhonePe Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -18.22% |
| ROCE | -26.52% |
| Debt/Equity | - |
| RoNW | -18.43 |
| PAT Margin | -34.60% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -37.46 | - |
| P/E (x) | - | - |
IPO Objectives
The PhonePe IPO is exclusively an Offer for Sale (OFS). Consequently, the company will not receive any proceeds from the offer. All the proceeds will go to the selling shareholders in proportion to the equity shares they sell in the offer.
Conclusion
The PhonePe IPO represents a transition from a private, venture-backed entity to a public-market player. With a diversified revenue model ranging from basic payments to advanced financial services like stockbroking, the company has built a massive digital infrastructure. While this offer is entirely an exit/divestment for certain existing shareholders, the listing will provide the company with a public currency and visibility as it continues to compete in India’s evolving fintech landscape.
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Competitive Strengths
Scale and Reach: The platform’s extensive distribution network covers over 96% of India's pin codes.
In-house Technology: Ownership of a full-stack technology layer and dedicated data centers for better performance and localization compliance.
Tenured Leadership: A founding team with decades of experience and a long-term strategic approach to building new business verticals.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 21/01/2026 | View DRHP |
| 2 | SEBI/Exchange approval received | 20/01/2026 | - |
PhonePe IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹ 15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹ 2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹ 10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |