BUSINESS DESK: PhonePe Prepares for ₹12,750 Crore IPO Filing
Draft Filing Expected in August
Digital payments major PhonePe is preparing to submit its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) in August 2025. The company aims to raise around \$1.5 billion (approximately ₹12,750 crore) through an Initial Public Offering (IPO), according to a report by an English news agency.
Valuation and Investment Banks Finalized
The proposed IPO values the company at nearly \$15 billion (₹1,27,500 crore). While the valuation and timing are subject to change, PhonePe is reportedly moving ahead with the process. Leading investment banks such as Kotak Mahindra Capital, JP Morgan Chase, Citigroup, and Morgan Stanley have been selected to manage the offering.
Market Leadership in UPI
Founded in 2015, PhonePe has grown to become the country’s top platform for UPI-based digital payments. As of now, the platform has over 610 million registered users.
PhonePe facilitates approximately 340 million transactions each day, demonstrating its dominant position in India’s fast-growing digital payments market.
Record-Breaking Transaction Volumes
In May 2025, India recorded 1,868 crore UPI transactions with a total value of ₹25.14 lakh crore. Out of these, PhonePe alone accounted for 868 crore transactions, amounting to ₹12.56 lakh crore. These figures highlight the platform’s critical role in India’s fintech ecosystem.