PhonePe is a leading Indian digital payments and financial services platform that enables mobile-first transactions, including peer-to-peer payments, merchant payments, recharges, bill payments, and a suite of financial products.
It operates primarily via the Unified Payments Interface (UPI), facilitating seamless digital financial transactions across India’s retail and services ecosystem. The company has filed its DRHP with SEBI were completed via the confidential route in 2025, and the public issue is widely anticipated in 2026.
Phonepe has filed DRHP to raise ₹ 12,000 Crore via IPO for which Fresh issue of ~ ₹ – Crore & Offer for Sale (OFS) of ₹ – Crore is not declared yet.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ~ ₹ 12,000 Crore |
| Fresh Issue: | ₹ – Crore |
| Offer for Sale: | ₹ – Crore |
| Price Range: | TBA |
| Lot Size: | TBA |
Phonepe Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 11710 Cr |
| Revenue: | ₹ 7239.4 Cr |
| EBITDA | ₹ -357 Cr |
| PAT | ₹ -1727 Cr |
| EBITDA Margin: | ~ -5.02% |
| PAT Margin | ~ -24.27% |
| Face Value: | – |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | Pending |
| Working Capital Requirement | Pending |
| General Corporate Purpose | Pending |
| Technology & Infrastructure | Pending |
| Pending |
Phonepe Limited Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 3,085 | ₹ 5,725 | ₹ 7,115 |
| Gross Profit (₹ Cr) | ₹ -2,795 | ₹ -1,996 | ₹ -1,727 |
| Asset (₹ Cr) | ₹ 12,597 | ₹ 14,338 | ₹ 19,936 |
| Net Worth (₹ Cr) | ₹ 7,518 | ₹ 9,455 | ₹ 11,710 |
Phonepe Limited IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 07-Jan | ₹ – | ₹ – | ₹ – |
| 07-Jan | ₹ – | ₹ – | ₹ – |
| 06-Jan | ₹ – | ₹ – | ₹ – |
| 05-Jan | ₹ – | ₹ – | ₹ – |
| 04-Jan | ₹ – | ₹ – | ₹ – |
| 03-Jan | ₹ – | ₹ – | ₹ – |
PhonePe Promoters – Pre offer equity (Approx- Mar’24)
| Walmart Inc. | ~70-80% |
| General Atlantic | ~5% |
| Tiger Global | ~3% |
PhonePe IPO Pros & Cons
Strengths:
- Dominant UPI market position with near-half share of total transactions.
- Massive user base exceeding 600 million with deep merchant penetration.
- Broadening revenue streams via financial services beyond payments.
- Strong backing by Walmart and global institutional investors.
- Positioned for scalable growth as India’s digital economy expands.
Risks:
- Still narrowing profits with historical net losses reported.
- IPO pricing and timing are uncertain, increasing investment risk.
- Competitive pressure from Google Pay, Paytm, and other fintechs.
- Regulatory caps on UPI market share could constrain dominance.
- Profitability depends on monetization of services beyond UPI fees.
PhonePe Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of PhonePe
| Lead / Book Running Lead Managers | Kotak Mahindra Capital Company Limited, JPMorgan Chase & Co., Citigroup (Citi), Morgan Stanley |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of PhonePe & Managing Director
PhonePe was incorporated in the year 2015.
Mr. Sameer Nigam serves as Chief Executive Officer (CEO) of the company.
PhonePe FAQ
- Q1. What is the business of PhonePe?
It is India’s leading digital payments and financial services platform powering UPI transactions, merchant payments, recharges and a suite of fintech products like lending, insurance and investments, serving hundreds of millions of users nationwide. - Q2. Why is the company raising funds via IPO?
Phonepe is raising funds to fuel deeper expansion across financial services, enhance technology infrastructure, accelerate product innovation - Q3. What is the size of the issue and where will it list?
The issue size of Phonepe IPO is around ₹10,000–₹12,000 crore, with shares proposed to be listed on the NSE and BSE once SEBI clears the final prospectus. - Q4. What are the risks to an investor?
Potential volatility if pricing is aggressive, regulatory shifts in UPI/fintech rules, competitive pressure - Q5. What are the potential upsides?
Potential upsides to invest in the IPO include dominant UPI market leadership, huge user base scale, diversified revenue streams beyond payments, strong backing by global investors, and potential long-term growth in India’s accelerating digital finance adoption. - Q6. How to apply for the IPO?
You can apply via ASBA through their bank’s net banking or UPI apps (such as PhonePe), or via brokerage platforms.
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