India’s largest payments app PhonePe has received regulatory approval for an initial public offering, except it has to file updated draft papers.
That sets the stage for one of the most anticipated fintech IPOs in India.
The PhonePe IPO is slated to be a pure offer for sale by existing shareholders, meaning the company backed by Walmart Inc. won’t be raising any additional funds for itself.
PhonePe leads India’s digital payments ecosystem with over 45% market share in UPI transactions. In December 2025, it processed 9.8 billion transactions, according to NPCI data.
PhonePe financials
Net profit, after adjusting for ESOPs, more than tripled to ₹630 crore in the fiscal ended 31 March 2025, on revenue that rose 40% to ₹7,115 crore. In the process, the company turned free cash flow positive with operating cash flow of ₹1,202 crore.