Walmart-backed PhonePe announced on Thursday that it has begun preparations for its initial public offering (IPO) on Indian stock exchanges.
According to a press note, the company stated, “PhonePe’s strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing.”
In December 2022, PhonePe relocated its headquarters from Singapore to India, aiming for a public listing on domestic exchanges. Following this, the Sameer Nigam-led fintech giant structured its corporate framework, making each of its new non-payment businesses fully owned subsidiaries in preparation for its IPO plans.
Earlier this month, PhonePe exited the account aggregator (AA) business, opting for a partnership model with existing AAs. Less than two years after obtaining it, the company voluntarily surrendered its non-banking financial company AA (NBFC-AA) license to the Reserve Bank of India.
In August 2024, the digital payments major turned adjusted profit after tax (PAT) positive, posting a profit of Rs 197 crore in FY23-24—excluding ESOP-related costs—after recovering from a Rs 738 crore loss in FY22-23. The company also reported a 74% year-on-year revenue growth, reaching Rs 5,064 crore from Rs 2,914 crore in the previous fiscal year.
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