According to sources cited by Bloomberg, the fintech firm intends to raise up to $1.5 billion through this listing, potentially valuing the company at around $15 billion. The draft prospectus is expected to be submitted by August, though no official announcement has been made yet.
Following a funding round in 2023 where PhonePe secured $100 million from investors including Ribbit Capital, Tiger Global Management, and TVS Capital Funds, the company’s valuation was approximately $12 billion at that time.
Launched in 2015, PhonePe has emerged as one of India’s leading digital transaction platforms, especially through the Unified Payments Interface (UPI). The firm claims over 610 million registered users with daily processing volumes exceeding 310 million transactions across 40 million merchants.
PhonePe officials have indicated that preparations for the IPO are in progress. While specific timelines and financial details remain undisclosed, the listing is anticipated to be one of the largest for an Indian fintech firm in recent years. Multiple financial institutions, including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, are involved in managing this offering.
In February 2025, PhonePe introduced a device tokenization solution for secure card transactions. This initiative allowed users to tokenize their cards within the PhonePe app and use them across various services such as bill payments, recharges, travel bookings, insurance purchases, and payments on Pincode and online merchants through PhonePe’s payment gateway.
The company noted that this feature enhanced digital payment security by reducing fraud risks associated with stolen or leaked card information. Initially, Visa credit and debit cards could be tokenized. PhonePe aimed to expand the service by integrating it with more card networks and extending its reach to all of its merchants.