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Exclusive: PhonePe becomes public company in preparation for mega IPO

Publish Date : 21 Apr 2025

PhonePe has converted from a private limited company to a public limited entity, now named “PhonePe Limited.”
This move is part of its preparations for a major upcoming IPO.
The IPO process is expected to begin in the first week of March.
PhonePe aims for a valuation of $15 billion through the IPO.
The company has appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisors.
In 2022, PhonePe shifted its domicile from Singapore to India, paying over ₹8,000 crore in taxes.
In FY24, the company recorded revenue of over ₹5,000 crore.
It also reduced its losses by 28.6%, bringing them down to ₹1,996 crore.
Walmart is the majority shareholder in PhonePe.
In December 2023, PhonePe raised $100 million in a funding round at a pre-money valuation of $12 billion.
Other notable investors include Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority.
PhonePe currently holds over 47% market share in UPI transaction volume.
Razorpay also converted into a public limited company on the same day.
Other fintech firms like Paytm and MobiKwik are already listed, and Pine Labs is also preparing for its IPO.

Source: https://entrackr.com/exclusive/exclusive-ahead-of-mega-ipo-phonepe-converts-to-public-entity-8974809

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