Bengaluru-based fintech giant PhonePe has initiated preparations for a potential stock market debut in India, more than two years after shifting its domicile from Singapore. The move marks a significant milestone as the company celebrates ten years of operations. If listed, PhonePe would become the third fintech player to go public in the last five years, following Paytm and MobiKwik.
The company reiterated its commitment to being an Indian public entity, emphasising its leadership position in the country’s digital payments landscape. In December 2022, PhonePe redomiciled from Singapore to India and restructured its corporate framework, making all non-payment businesses fully owned subsidiaries.
Highlighting its robust financial performance, PhonePe stated that its revenue from operations surged by 73.8%, reaching ₹5,064 crore in FY24, compared to ₹2,914 crore in FY23. The firm also reduced net losses, bringing them down to ₹1,996 crore from ₹2,795 crore in the previous fiscal year. The company’s re-domiciling process came at a hefty price, as it paid around $1 billion in capital gains tax to the Indian government.
Despite its strong market standing, PhonePe’s IPO plans were initially hindered by the National Payments Corporation of India (NPCI) proposal to cap the market share of third-party application providers (TPAPs) for UPI transactions. However, a two-year extension on implementing this cap—granted in December—has eased concerns, giving the company more flexibility to move forward with its listing.
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PhonePe remains the dominant player in India’s UPI ecosystem, holding a 47.67% market share as of January 2025. The firm boasts over 590 million registered users and a merchant acceptance network spanning 40 million businesses.
