MUMBAI (Reuters) – Phonepe, a Walmart-backed Indian fintech company, has begun preparing a public list for the country’s stock exchange, the company said Thursday.
“As detailed in the FY23-24 Annual Report, PhonePe’s strong top and bottom line growth across its diverse business portfolio will be a good time to prepare this for the public list. “We will,” the company said in a statement.
Founded in 2016, Phonepe made its first profit in 2024, achieving consolidated profits before the cost of employee stock options cost Rs 197 crore, with a loss of Rs 7.38 crore compared to the previous year. Compare
Its revenue increased by 74% to more than Rs 50 billion during the reporting period.
The Indian stock market has risen sharply for most of 2024, with many companies launching IPOs, but the recession since October has placed emphasis on investor sentiment.
Phonepe, which moved its residence from Singapore to India in October 2022, did not give it a timeline when it intends to float its first public offer.
Phonepe is one of the most widely used apps in India and pays through India’s popular unified payment interface (UPI). UPI’s payment share was 48.4% in January 2025.
It has over 590 million registered users, with over 40 million merchants. We process over 310 million online transactions every day.
Phone rival Paytm, officially known as One97 Communications, filed for an IPO of Rs 18.3 crore in 2021.
Paytm was trading at Rs 755.55 per share as the market closure on Thursday, falling sharply from the listing price of Rs 1,950 in 2021.
(Reporting by Siddhi Nayak, Editing by Tasim Zahid)
