According to sources cited by Bloomberg, the fintech firm aims to raise up to USD 1.5 billion through the listing, which could value the company at around USD 15 billion. The draft prospectus is expected to be submitted by August, though no official statement has been made.
The planned offering follows a funding round in 2023 in which PhonePe secured USD 100 million from investors including Ribbit Capital, Tiger Global Management, and TVS Capital Funds. That round placed the company’s valuation at approximately USD 12 billion at the time.
Launched in 2015, PhonePe has grown into one of the dominant platforms for digital transactions in India, particularly through the country’s Unified Payments Interface (UPI) system. The company claims over 610 million registered users and daily processing volumes exceeding 310 million transactions across 40 million merchants.
PhonePe officials have indicated that preparations for the IPO are ongoing. While the company has not publicly confirmed the timeline or financial details, the listing is expected to be one of the largest for an Indian fintech firm in recent years. To manage the offering, PhonePe has engaged multiple financial institutions including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley.
In February 2025, PhonePe launched a device tokenisation solution for credit and debit cards. Through this solution, users gained the ability to tokenise their cards on the PhonePe app and use them across various services. The use cases included bill payments, recharges, travel bookings, insurance purchases, and payments on Pincode and online merchants using PhonePe’s payment gateway.
At the time, the company noted that the launch improved digital payment security by reducing fraud risks from stolen cards or leaked information. Initially, users gained the ability to tokenise Visa credit and debit cards.
The company aimed to expand the service by integrating with more card networks and extending it to all PhonePe merchants.
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