PhonePe files for Rs 12,000 crore IPO via confidential route

24 Sep 2025, 01:26 PM

The IPO is expected to be a complete offer for sale (OFS).

Team Head&Tale

Fintech major PhonePe, backed by Walmart, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), moving a step closer to one of India’s most awaited tech listings.

The Bengaluru-based firm is targeting to raise about Rs 12,000 crore through the IPO, which is expected to be a complete offer for sale (OFS) where investors Walmart, Microsoft, and Tiger Global will divest their stakes. 

Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan are advising the company on the IPO, which could value it at around $15 billion.

"PhonePe Ltd has filed the pre-filed Draft Red Herring Prospectus with SEBI and the stock exchanges, under Chapter IIA of the SEBI ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the Stock Exchanges (“Offer”)," a company spokesperson told The Head and Tale.
 
"We will not be making any further comments at this stage in connection with the offer," added the spokesperson.

Moneycontrol first reported the development.

Built on its payments dominance, PhonePe has expanded into insurance, mutual funds, and lending, positioning itself as a full-stack fintech platform.

In fiscal ended March 31, 2025, PhonePe's net loss narrowed to Rs 1,727 crore from Rs 1,996 crore in the last financial year.

The fintech company's operating revenue jumped 40% to Rs 7,115 crore in FY25 from Rs 5,064 crore in the previous fiscal. 

Earlier this month, PhonePe received the Reserve Bank of India's (RBI) final authorization to operate as an online payment aggregator.

By opting for SEBI’s confidential route, introduced last year, PhonePe joins other Indian startups such as Groww, Meesho, Shiprocket, Shadowfax, Physics Wallah nd boAt, and Aequs, which have also filed in private.

Earlier this month, another fintech major Pine Labs, which chose the non-traditional public routes to file its DRHP, received the approval from SEBI to float its IPO.