PhonePe kicks off IPO preparations
20 Feb 2025, 11:25 PMTwo years after concluding its reverse flip from Singapore to India, payments major PhonePe said it has started preparations for IPO in India.
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Two years after concluding its reverse flip from Singapore to India, payments major PhonePe said it has started preparations for a potential listing in the country.
"This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions," the company said in its statement.
In December 2022, PhonePe redomiciled from Singapore to India, and subsequently, established a corporate structure with each of its new non-payment businesses as fully owned subsidiaries, the company stated.
"PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing," it added.
As of January 2025, PhonePe claims to have over 59 crore lifetime registered users and over 4 crore merchant base. It also processes over 31 crore transactions daily with an annualized total payment value (TPV) of over Rs 145 lakh crore.
PhonePe has expanded into financial services (insurance, lending, wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store - India's first localized App Store).
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