PhonePe IPO: The country’s legendary digital payment company PhonePe has stepped up preparations for its Initious Public Offering (IPO). The company has appointed Kotak Mahindra Capital, JP Morgan Chase, Citygroup and Morgan Stanley as bankers. The news agency PTI has given this report as quoting sources.
Walmart’s investment company
PhonePe is a unit of America’s Walmart Group. In FY 2022-23, the company raised funding of Rs 7,021 crore (about $ 850 million) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds and Tiger Global. At that time the company’s pre-quality valuation was $ 12 billion (about 1 lakh crore rupees).
Heavy tax on domicile shift
In 2022, the Investors of PhonePe paid the company’s registration from Singapore to India about ₹ 8,000 crore (about $ 1 billion) to the Indian government as tax. Walmart is the most prominent among these investors.
₹ 18,000 crore company has raised
The PhonePe was established in 2016 and the company has so far achieved a total funding of ₹ 18,000 crore.
As of May 2025, PhonePe had over 61 crore registered users and more than 4 crore merchants. More than 34 crore transactions are being done on the platform daily and the total payment price has crossed ₹ 150 lakh crore.
PhonePe’s earnings and profits
In FY 2023-24, the company recorded a net profit of ₹ 197 crore, except ESOP cost. Last year, the company had a loss of ₹ 738 crore. The company’s revenue in FY24 stood at ₹ 5,064 crore, which is 73.7% higher than FY23 ₹ 2,914 crore.
What is the phone business?
PhonePe is a major digital payment and fintech platform that provides facilities such as immediate bank transfer, mobile recharge, bill payment, online shopping and merchant payment through UPI (Unified Payments Interface) in India.
Apart from this, it also offers financial services such as mutual funds, insurance, gold investment and personal loan. PhonePe’s business model is based on the distribution of transaction fees, partnership revenue and financial products.
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