Bengaluru-based FinTech PhonePe is gearing up for a potential Initial Public Offering (IPO) in India, more than two years after relocating from Singapore. The move comes as the company completes ten years in business, reinforcing its commitment to being a publically-listed Indian entity. If successful, PhonePe would join Paytm and MobiKwik as the third FinTech firm to go public in the past five years.
Having restructured its corporate framework post-redomiciling, PhonePe has positioned itself as a dominant force in India’s digital payments ecosystem. Its revenue from operations saw an impressive 73.8 per cent jump, reaching Rs 5,064 crore in FY24, while net losses reduced to Rs 1,996 crore from Rs 2,795 crore in FY23. However, this transition came at a cost—the company paid nearly $1 billion in capital gains tax to the Indian government.
The FinTech giant’s IPO ambitions previously faced hurdles due to National Payment Corporation of India’s (NPCI) proposal to limit third-party United Payment Interface (UPI) market share, but a two-year extension has given the company room to proceed with its listing plans.
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