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PhonePe has secured regulatory approval from SEBI to move ahead with its IPO and is expected to file its Updated Draft Red Herring Prospectus soon. The issue will be a pure Offer for Sale, with no fresh capital being raised. The company remains the market leader in UPI transactions, holding over 45 per cent share and processing nearly 10 billion transactions in the last reported month. For FY24-25, PhonePe reported strong revenue growth, positive operating cash flow, and a sharp rise in adjusted profitability.
PhonePe has received approval from the Securities and Exchange Board of India to proceed with its initial public offering, according to people familiar with the matter. Following the clearance, the company is expected to file its Updated Draft Red Herring Prospectus shortly, marking a key regulatory step ahead of one of the most closely watched fintech listings in the Indian market. Advertisement
The proposed public issue will be structured entirely as an Offer for Sale by existing shareholders. The company does not plan to raise fresh capital through the IPO, indicating that the listing is aimed at providing an exit opportunity rather than funding new expansion.
PhonePe continues to hold a dominant position in India's digital payments ecosystem, accounting for more than 45 per cent of all Unified Payments Interface transactions. Data released by the National Payments Corporation of India shows that the platform processed 9.8 billion transactions during the last reported month of the previous financial year, underlining its scale and reach.
On the financial front, the company reported revenue of INR 7,115 crore for FY24-25, reflecting a year-on-year growth of 40 per cent. It also achieved a key milestone by turning free cash flow positive, with operating cash flow of INR 1,202 crore. Adjusted profit after tax, excluding employee stock option expenses, rose more than threefold to INR 630 crore, indicating improving profitability alongside growth.
PhonePe's move towards a public listing comes at a time when India's fintech sector is maturing, with investors increasingly focused on sustainable revenues, cash generation, and clear paths to profitability.
Source PTI
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