New Delhi: PhonePe, India’s most valuable fintech firm, is targeting a valuation of $9 billion–$10.5 billion (about Rs 75,000 crore–Rs 87,000 crore) for its upcoming initial public offering, with plans to raise around $1.05 billion through an offer for sale (OFS), sources said.
The expected valuation is lower than the $12 billion valuation at which the company raised $100 million in 2023. Even so, the IPO could become the second-largest fintech listing in India after Paytm, which debuted in November 2021 at a valuation of about $20 billion.
According to updated draft papers, existing investors including Walmart, Tiger Global Management and Microsoft plan to sell shares worth around Rs 10,115 crore through the IPO. Promoter WM Digital Commerce Holdings will offload about 12 per cent stake via the OFS. Microsoft and Tiger Global are expected to exit their investments during the listing.
PhonePe had filed draft papers for its IPO in September and aims to complete the process by April, subject to favourable market conditions.
The company has reported strong growth in recent years. Revenue from operations rose to Rs 7,114.85 crore in FY25 from Rs 2,914.28 crore in FY23, while losses narrowed to Rs 1,727.41 crore. Its revenue mix has diversified beyond UPI payments, with merchant payments and financial services—such as lending and insurance distribution—together accounting for about 42 per cent of revenue.
Founded in 2016, PhonePe had over 650 million registered users and more than 47 million merchants on its platform as of September 2025.
Its services include payments, lending, insurance distribution, Share Market and the Indus Appstore.