PhonePe IPO refers to the proposed initial public offering of PhonePe Limited, one of India’s major digital payments and financial technology companies. PhonePe filed its Updated Draft Red Herring Prospectus-I with SEBI on January 21, 2026. The proposed IPO was structured as a 100% Offer for Sale (OFS), with no fresh issue of equity shares.
The proposed OFS comprised up to 50,660,446 equity shares of face value ₹1 each. WM Digital Commerce Holdings Pte. Ltd., the Walmart group entity and promoter, proposed to sell up to 45,942,496 shares, while Tiger Global PIP 9–1 Ltd. and Microsoft Global Finance Unlimited Company proposed to sell 1,039,160 and 3,678,790 shares respectively. The company would not receive any proceeds from the OFS.
PhonePe temporarily deferred its public listing process on March 16, 2026, citing geopolitical conflicts and market volatility. The company has continued its business expansion while retaining its stated intention to pursue an Indian public listing when market conditions permit. As of September 30, 2026, the IPO is therefore deferred and there is no active subscription schedule, price band or listing date.
Table of Contents
PhonePe IPO Details Information
The following PhonePe IPO details are based on the latest available UDRHP-I. Since the IPO has been deferred, the final price band, dates and other issue details may be changed when the company resumes the listing process.
| Particulars | Information |
|---|---|
| IPO Name | PhonePe IPO |
| Company Name | PhonePe Limited |
| IPO Type | 100% Book Built Offer |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | Yet to be Updated |
| Issue Size | Up to 5,06,60,446 Equity Shares |
| Fresh Issue | Nil |
| Offer for Sale | Up to 5,06,60,446 Equity Shares |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Anchor Investor Bidding | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Listing Exchange | BSE & NSE |
| Lot Size | Yet to be Updated |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | 8 BRLMs |
The UDRHP-I stated that the equity shares were proposed to be listed on BSE and NSE. The offer was entirely an OFS, meaning PhonePe itself would not receive proceeds from the sale of shares by the selling shareholders.
PhonePe IPO Dates
The original bidding dates were not finalised in the UDRHP-I. PhonePe subsequently deferred its planned listing process in March 2026.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
PhonePe announced the temporary deferral of its public-market listing process on March 16, 2026, citing geopolitical conflicts and market volatility. The company indicated that it would resume the process when conditions stabilise.
PhonePe IPO Reservation
The final reservation structure will be confirmed when PhonePe resumes the IPO process and publishes the applicable final offer documents.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Yet to be Updated |
The UDRHP-I was filed before the final price band and bidding schedule were announced. The final reservation percentages will be updated when the IPO process resumes.
PhonePe IPO Lot Size
The minimum application lot has not been announced.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
The lot size and minimum investment will be disclosed along with the final price band.
About PhonePe
PhonePe Limited is a Bengaluru-based digital payments and financial technology company. The company was originally incorporated as FX Mart Private Limited in December 2012 and subsequently changed its name to PhonePe Private Limited in 2016. It later became PhonePe Limited.
PhonePe’s core business is built around digital payments and financial services. Its product portfolio includes consumer payments, merchant payments, digital distribution services, lending distribution, insurance distribution, wealth and investment services through Share.Market, and the Indus Appstore.
As of September 30, 2025, PhonePe had more than 65 crore registered users and a digital payments acceptance network covering more than 4.7 crore merchants. The company has continued expanding its merchant infrastructure, including plans announced in September 2026 to deploy more than 50 lakh payment devices and hire over 20,000 frontline sales personnel over the following year.
Business Operations
PhonePe operates across digital payments, financial services and technology platforms.
- Consumer Payments – UPI payments, bill payments, mobile recharges and other digital transactions.
- Merchant Payments – Payment acceptance solutions for offline and online merchants.
- Digital Distribution Services – Distribution of financial and other digital products through its platform.
- Lending Distribution – Distribution and facilitation of lending products through financial partners.
- Insurance Distribution – Insurance products and services offered through the PhonePe ecosystem.
- Share.Market – Wealth and investment platform offering stock broking and mutual fund-related services.
- Indus Appstore – Android-based mobile application marketplace.
- Payment Devices – SmartSpeakers, POS devices and other merchant payment infrastructure.
- International Payments – PhonePe enables selected cross-border payment use cases for Indian customers.
- Financial Technology – Technology infrastructure supporting payments and financial services.
PhonePe’s UDRHP-I identifies Consumer Payments, Merchant Payments, Lending and Insurance Distribution and New Platforms as its principal business areas.
Industry Overview
India’s digital payments industry has expanded significantly with the growth of UPI, smartphones, internet connectivity and digital banking. UPI has become a major payment infrastructure for consumers and merchants, while fintech companies have increasingly expanded into lending, insurance, wealth management and other financial services.
The fintech sector is also seeing greater diversification beyond payment transactions. Companies are developing merchant devices, financial-product distribution platforms, investment applications and other technology-led financial services.
PhonePe operates across several of these segments. Its large consumer and merchant base provides a platform for expanding financial services and digital products.
Business Strategy
PhonePe’s strategy is based on building a broad financial-services ecosystem around its digital payments platform. In addition to UPI and merchant payments, the company has expanded into lending distribution, insurance, wealth management and application distribution.
The company is also investing in merchant infrastructure. In September 2026, PhonePe announced plans to deploy more than 50 lakh payment devices over the next 12 months, with approximately half of the devices targeted at rural India. It also plans to hire more than 20,000 frontline sales employees.
PhonePe is also expanding internationally. In September 2026, the company received in-principle approval from the UAE central bank for two financial licences covering retail payment services, card schemes and stored-value facilities, subject to final regulatory approvals.
PhonePe IPO Financial Information
PhonePe’s financial performance has shown strong revenue growth through FY2025, although the company remained loss-making on a statutory consolidated basis. The UDRHP-I reported revenue from operations of ₹7,114.86 crore and a net loss of ₹1,727.41 crore for FY2025.
PhonePe Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹2,914.29 Crore | ₹5,064.13 Crore | ₹7,114.86 Crore |
| Total Income | ₹3,083.43 Crore | ₹5,722.20 Crore | ₹7,631.38 Crore |
| EBITDA | -₹2,432.70 Crore | -₹1,541.40 Crore | -₹881.00 Crore |
| Profit After Tax (PAT) | -₹2,796.07 Crore | -₹1,996.17 Crore | -₹1,727.41 Crore |
| Total Assets | ₹11,840.28 Crore | ₹12,706.48 Crore | ₹18,205.23 Crore |
| Net Worth | ₹7,387.24 Crore | ₹9,324.12 Crore | ₹9,374.34 Crore |
| Total Borrowings | Nil |
The FY2025 financial information shows that revenue from operations increased from ₹5,064.13 crore in FY2024 to ₹7,114.86 crore in FY2025, while the net loss narrowed from ₹1,996.17 crore to ₹1,727.41 crore.
For the six months ended September 30, 2025, PhonePe reported revenue from operations of ₹3,918.5 crore and a net loss of ₹1,444.4 crore. Revenue increased 22% compared with the corresponding period of the previous year.
Subsequent regulatory filings for FY2026 reported operating revenue of approximately ₹7,920 crore and a net loss of approximately ₹2,792 crore. These FY2026 figures were reported after the UDRHP-I and therefore were not part of the financial information used in that filing.
PhonePe IPO Key Performance Indicators (KPIs)
The following KPIs are based primarily on the financial information disclosed for PhonePe Limited in its IPO documents.
| KPI | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Return on Equity (ROE) | |||
| Return on Capital Employed (ROCE) | |||
| PAT Margin | -95.94% | -39.42% | -24.28% |
| EBITDA Margin | -83.47% | -30.44% | -12.38% |
| Debt-to-Equity Ratio | |||
| Fixed Asset Turnover Ratio | |||
| EPS | -₹68.40 | -₹45.17 | -₹37.46 |
| Net Asset Value (NAV) Per Share | ₹170.00 | ₹199.35 | ₹182.79 |
PhonePe’s EBITDA margin improved from -83.47% in FY2023 to -12.38% in FY2025, while its PAT margin improved from -95.94% to -24.28%. The company nevertheless continued to report a statutory net loss in FY2025.
The company has also continued investing in financial services and new platforms. Share.Market, insurance, lending and Indus Appstore are part of PhonePe’s strategy to diversify revenue beyond its core payments business.
Objects of the PhonePe IPO
The PhonePe IPO is structured entirely as an Offer for Sale. Therefore, PhonePe Limited will not receive any proceeds from the IPO.
- WM Digital Commerce Holdings Pte. Ltd. proposes to sell up to 45,942,496 equity shares.
- Tiger Global PIP 9–1 Ltd. proposes to sell up to 1,039,160 equity shares.
- Microsoft Global Finance Unlimited Company proposes to sell up to 3,678,790 equity shares.
- The total proposed OFS is up to 50,660,446 equity shares.
- The selling shareholders will receive the proceeds from the sale after applicable offer expenses and taxes.
Because the issue is an OFS, there is no fresh capital being raised by PhonePe through the proposed IPO.
PhonePe IPO Listing Performance
PhonePe is currently unlisted. The proposed IPO has been deferred, so there is no historical IPO listing price or listing gain.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain | Yet to be Updated |
| Listing Gain (%) | Yet to be Updated |
The UDRHP-I proposed listing of PhonePe’s equity shares on BSE and NSE.
PhonePe IPO Subscription Status
The PhonePe IPO is not currently open for public subscription because the listing process was deferred in March 2026.
PhonePe IPO Subscription :
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Yet to be Updated |
| Total Subscription | Yet to be Updated |
Subscription figures will be available only after PhonePe resumes the IPO process and announces the bidding dates.
PhonePe IPO Review
PhonePe has built a large digital payments ecosystem with more than 65 crore registered users and over 4.7 crore merchants as of September 30, 2025. Its business has expanded beyond UPI payments into merchant services, lending, insurance, wealth management and digital application distribution.
The company reported FY2025 revenue from operations of ₹7,114.86 crore and a statutory net loss of ₹1,727.41 crore. Revenue increased significantly compared with FY2024, while the net loss narrowed. However, subsequent FY2026 filings showed revenue growth of approximately 11% and a net loss of approximately ₹2,792 crore, indicating that profitability remains an important financial consideration.
The proposed IPO is an OFS rather than a fresh issue, meaning the company would not receive IPO proceeds. The original IPO process was deferred in March 2026 because of geopolitical conflicts and market volatility. The company continues to expand its payments infrastructure and financial-services businesses while the public-listing process remains deferred.
PhonePe IPO Strengths
- Large digital payments user base.
- More than 65 crore registered users as of September 2025.
- More than 4.7 crore merchants in its payment acceptance network.
- Established presence in India’s UPI ecosystem.
- Strong revenue growth through FY2025.
- Diversification into lending, insurance and wealth management.
- Share.Market provides exposure to investment and wealth services.
- Indus Appstore expands the company’s technology platform.
- Large merchant payment-device ecosystem.
- Backed by Walmart through WM Digital Commerce Holdings.
- Presence across consumer and merchant financial services.
- International expansion opportunities.
- Continued investment in payment infrastructure and technology.
PhonePe IPO Risk Factors
- The company reported a statutory net loss in FY2025.
- FY2026 reported net loss increased to approximately ₹2,792 crore.
- Revenue growth slowed in FY2026 compared with FY2025.
- Digital payments are subject to regulatory changes.
- UPI monetisation remains affected by the zero-MDR framework.
- The company operates in a highly competitive fintech market.
- Expansion into lending and insurance creates additional regulatory and operational requirements.
- Financial services businesses are subject to regulatory approvals.
- Cybersecurity and data privacy risks may affect operations.
- Dependence on digital infrastructure and technology systems creates operational risks.
- Continued investment may be required for growth and expansion.
- International expansion is subject to local regulatory approvals.
- The proposed IPO is an OFS, so PhonePe itself will not receive proceeds from the sale.
- The IPO timeline remains uncertain after its March 2026 postponement.
PhonePe IPO Promoters
WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc. are identified as the promoters of PhonePe Limited in the UDRHP-I. WM Digital Commerce Holdings Pte. Ltd. held 371,517,890 equity shares, representing 71.77% of the pre-offer equity share capital on a fully diluted basis.
PhonePe IPO Promoters Details :
| Promoter | Pre-Issue Holding |
|---|---|
| WM Digital Commerce Holdings Pte. Ltd. | 71.77% |
| Wal-Mart International Holdings, Inc. | Indirect promoter |
WM Digital Commerce Holdings Pte. Ltd. is the Walmart group entity holding the majority stake in PhonePe. The exact post-offer holding will depend on the final number of shares sold when the IPO process resumes.
PhonePe IPO Management Team
PhonePe’s official website identifies Sameer Nigam, Rahul Chari and Burzin Engineer as its founders. Sameer Nigam is Founder, Whole-time Director and Chief Executive Officer, while Rahul Chari is Founder, Whole-time Director and Chief Technology Officer.
| Name | Designation |
|---|---|
| Sameer Nigam | Founder, Whole-time Director & CEO |
| Rahul Chari | Founder, Whole-time Director & CTO |
| Burzin Engineer | Founder & Chief Reliability Officer |
| Adarsh Nahata | Chief Financial Officer |
| Ankit Gunvantrai Popat | Company Secretary & Compliance Officer |
| Rohit Bhagat | Chairperson, Non-Executive Independent Director |
| Tarun Bajaj | Non-Executive Independent Director |
| Manish Sabharwal | Non-Executive Independent Director |
| Zarin Daruwala | Non-Executive Independent Director |
| Leigh Hopkins | Non-Executive Nominee Director |
| Donna Morris | Non-Executive Nominee Director |
| John David Rainey | Non-Executive Nominee Director |
The board and management details are based on PhonePe’s official company information and IPO-related disclosures.
PhonePe IPO Registrar Details
KFin Technologies Limited has been appointed as the Registrar to the PhonePe IPO.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Contact Person | M. Murali Krishna |
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| Email ID | [email protected] |
| Website | www.kfintech.com |
| IPO Allotment Status | Yet to be Updated |
The UDRHP-I identifies KFin Technologies Limited as the Registrar to the Offer and provides [email protected] as the IPO email address.
PhonePe IPO Lead Manager Details
PhonePe has appointed eight Book Running Lead Managers for the proposed IPO.
| No. | Lead Manager |
|---|---|
| 1 | Kotak Mahindra Capital Company Limited |
| 2 | J.P. Morgan India Private Limited |
| 3 | Citigroup Global Markets India Private Limited |
| 4 | Morgan Stanley India Company Private Limited |
| 5 | Axis Capital Limited |
| 6 | Goldman Sachs (India) Securities Private Limited |
| 7 | Jefferies India Private Limited |
| 8 | JM Financial Limited |
The eight BRLMs are identified in PhonePe’s IPO documents.
PhonePe Contact Details
| Particular | Details |
|---|---|
| Company Name | PhonePe Limited |
| Registered Office | Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring Road, Bengaluru – 560103, Karnataka, India |
| Phone | +91 80 6910 4700 |
| Email ID | [email protected] |
| Website | https://www.phonepe.com/ |
The registered and corporate office address, telephone number and compliance contact are provided in PhonePe’s UDRHP-I.
Prospectus / Documents
PhonePe has filed its Updated Draft Red Herring Prospectus-I and received the relevant SEBI observations for its proposed IPO. The IPO process was subsequently deferred.
| Document | Status |
|---|---|
| DRHP | Filed |
| Updated DRHP-I | Filed on January 21, 2026 |
| RHP | Yet to be Updated |
| Prospectus | Yet to be Updated |
| Annual Report | Available |
| Financial Statements | Available |
The UDRHP-I is available through PhonePe’s official investor-relations documentation.
How to Check PhonePe IPO Allotment Status
Investors will be able to check the PhonePe IPO allotment status after the IPO resumes, closes and the basis of allotment is finalised.
Through Registrar
- Visit the official KFin Technologies IPO allotment website.
- Select PhonePe IPO from the IPO list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Complete the verification process.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select PhonePe IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the required verification.
- Click Search to view the allotment status.
The PhonePe IPO allotment status is currently unavailable because the public issue has been deferred and there is no active bidding period.
PhonePe IPO Conclusion
PhonePe is a major Indian digital payments and fintech company with a large consumer and merchant ecosystem. Its products cover consumer payments, merchant payments, lending distribution, insurance, wealth management, digital distribution and application services. The company had more than 65 crore registered users and more than 4.7 crore merchants as of September 30, 2025.
PhonePe reported revenue from operations of ₹7,114.86 crore and a net loss of ₹1,727.41 crore in FY2025. The company continued to invest in new businesses and infrastructure, while FY2026 regulatory filings subsequently showed operating revenue of approximately ₹7,920 crore and a net loss of approximately ₹2,792 crore.
The proposed IPO is a 100% OFS of up to 5.066 crore equity shares, with WM Digital Commerce Holdings, Tiger Global and Microsoft among the selling shareholders. PhonePe deferred the public listing process in March 2026 because of geopolitical conflicts and market volatility. The final IPO dates, price band, lot size and subscription schedule will be known only after the listing process resumes.
PhonePe IPO FAQs
What is PhonePe IPO?
PhonePe IPO refers to the proposed initial public offering of PhonePe Limited, an Indian digital payments and fintech company.
What is the price band of PhonePe IPO?
The price band of PhonePe IPO has not yet been announced because the IPO process has been deferred.
What is the issue size of PhonePe IPO?
The latest UDRHP-I proposed an Offer for Sale of up to 5,06,60,446 equity shares. The final rupee issue size will depend on the price determined for the IPO when the process resumes.
Is PhonePe IPO a fresh issue or OFS?
The proposed PhonePe IPO is a 100% Offer for Sale. There is no fresh issue of equity shares, so PhonePe Limited will not receive proceeds from the IPO.
When will PhonePe IPO open?
The PhonePe IPO opening date has not yet been announced. The listing process was temporarily deferred in March 2026.
When will PhonePe IPO close?
The closing date has not yet been announced.
Who is the registrar of PhonePe IPO?
KFin Technologies Limited is the registrar to the PhonePe IPO.
Who are the promoters of PhonePe?
WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc. are identified as the promoters. WM Digital Commerce Holdings held 71.77% of the pre-offer equity share capital on a fully diluted basis in the UDRHP-I.
Who is the CEO of PhonePe?
Sameer Nigam is the Founder, Whole-time Director and Chief Executive Officer of PhonePe.
What was PhonePe’s revenue in FY2025?
PhonePe reported revenue from operations of ₹7,114.86 crore in FY2025.
What was PhonePe’s PAT in FY2025?
PhonePe reported a net loss of ₹1,727.41 crore in FY2025.
What is the lot size of PhonePe IPO?
The PhonePe IPO lot size has not yet been announced.
On which exchanges will PhonePe shares be listed?
The proposed PhonePe IPO shares are intended to be listed on BSE and NSE.
Why was PhonePe IPO deferred?
PhonePe temporarily deferred its public-market listing process in March 2026, citing geopolitical conflicts and market volatility. The company has stated its intention to resume the listing process when market conditions stabilise.
