New Delhi: Walmart-backed PhonePe, which is targeting an IPO in April, plans to strengthen its leadership in digital payments while expanding into financial services and new consumer platforms, according to its draft papers.
The company said digital payments will remain its core growth engine, supported by investments to expand its user base, addressable market and platform scale. India’s total addressable market for digital consumer payments stood at Rs 301 lakh crore in FY25 and is expected to grow to Rs 602–681 lakh crore by FY30, it said, citing industry estimates.
PhonePe has received Sebi approval for its IPO following a confidential filing in September. The proposed issue will be a complete offer for sale of 5.06 crore shares by shareholders including Walmart, Microsoft and Tiger Global, with no fresh issue.
To widen reach, PhonePe plans deeper penetration across smartphones and feature phones. It recently acquired Gupshup’s GSPay technology to enable UPI payments on feature phones and is exploring new use cases such as credit on UPI, transit payments and payments via smart devices.
On the merchant side, PhonePe aims to expand digital payment adoption in a market where penetration remains low. Only about 1.11 crore merchants transact monthly on its platform, indicating significant growth potential. In FY25, the revenue rose 40 per cent to Rs 7,115 crore, while adjusted profit after tax more than tripled to Rs 630 crore.