UpcomingMainboardFinancial Technology (FinTech) · Digital Payments / Financial Services
PhonePe
PH123
Price Band: —
Min. Investment: To be decided
Issue Size: ₹[●] (up to 50,660,446 Equity Shares — OFS only, price not yet determined)
About the Company
What does this company do?
PhonePe Limited is a leading Indian digital payments and financial services company, operating under the PhonePe brand. The company provides a wide range of services including UPI-based payments, digital wallets, insurance broking, wealth management, lending services, and an app store (Indus Appstore). Originally incor…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
₹[●] (up to 50,660,446 Equity Shares — OFS only, price not yet determined)
Fresh Issue
Not applicable (no fresh issue)
Proceeds go to company
OFS
Up to 50,660,446 Equity Shares of ₹1 each aggregating up to ₹[●] million — 100% OFS (proceeds go to selling shareholders, not the company)
Proceeds to selling shareholders
Products & Brands
Key offerings and brand portfolio of the company.
PhonePe Payments App: UPI-based digital payments platform enabling peer-to-peer and merchant payments, bill payments, and recharges
Scroll to see all 6 products/brands
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2024 |
|---|
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS (₹)
—
Not disclosed in this UDRHP-I extract
P/E Ratio
—
Price band not yet determined
RoNW (%)
—
Not disclosed in this UDRHP-I extract
NAV per Share (₹)
—
Not disclosed in this UDRHP-I extract
Debt/Equity
—
Not disclosed in this UDRHP-I extract
EBITDA Margin (%)
—
Not disclosed in this UDRHP-I extract
PAT Margin (%)
—
Not disclosed in this UDRHP-I extract
Revenue Growth YoY
—
Not disclosed in this UDRHP-I extract
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
OFS Note: 100% of the issue proceeds (up to ₹[●] million from 50,660,446 equity shares) will go directly to selling shareholders and will NOT be received by the company.
1
WM Digital Commerce Holdings Pte. Ltd. (Promoter Selling Shareholder): Up to 45,942,496 equity shares at weighted average cost of acquisition of ₹1,996.80 per share.
2
Tiger Global PIP 9-1 Ltd. (Investor Selling Shareholder): Up to 1,039,160 equity shares at weighted average cost of acquisition of ₹1,996.80 per share.
3
Microsoft Global Finance Unlimited Company (Investor Selling Shareholder): Up to 3,678,790 equity shares at weighted average cost of acquisition of ₹1,996.80 per share.
4
There is no fresh issue component; the company will not receive any proceeds from this IPO.
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Market-leading position in India's UPI digital payments ecosystem
Diversified fintech product suite — payments, insurance, lending, wealth, app store
Strong Walmart parentage providing financial stability and global expertise
Large, loyal, and growing user base with high transaction frequency
⚠️Weaknesses
No fresh capital raised from this IPO to fund growth or operations
History of operating losses across multiple business verticals
Heavy regulatory compliance burden across multiple financial services segments
Dependence on third-party infrastructure (NPCI/UPI) for core payment operations
🚀Opportunities
India's digital payments market is rapidly expanding with increasing smartphone and internet penetration
Cross-selling financial products (insurance, loans, wealth) to large existing user base
Growth in merchant payments, offline QR, and B2B payment solutions
International expansion potential, particularly in markets like Middle East (UAE operations already established)
🔥Threats
Intensifying competition from Google Pay, Paytm, Amazon Pay, and ONDC-based entrants
Regulatory changes by RBI, SEBI, or IRDAI could limit product offerings or impose capital requirements
Data privacy and cybersecurity risks given large volumes of sensitive financial data
Potential disintermediation if NPCI or banks develop competing payment/financial services products
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
One of India's largest and most recognised digital payments brands with massive UPI transaction volumes
✓
Strong promoter backing from Walmart (WM Digital Commerce Holdings and Wal-Mart International Holdings)
✓
Diversified financial services ecosystem covering payments, insurance, lending, wealth, and app distribution
✓
Large and growing registered user base with deep penetration across urban and semi-urban India
✓
Technology-driven platform with strong infrastructure for scalability and new product launches
✓
Associate relationship with C.E. Info Systems Limited (MapmyIndia) providing strategic data/mapping capabilities
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Company has no formal market history for its equity shares as this is its first public issue, leading to price discovery risk
⚠
The offer is entirely an OFS — no fresh capital is raised by the company, limiting use of IPO proceeds for business growth
⚠
Intense competition from other digital payment platforms (Google Pay, Paytm, Amazon Pay) and potential new entrants including Big Tech
⚠
Regulatory and compliance risks arising from RBI, SEBI, and other financial sector regulators governing payment systems, insurance, and lending
⚠
Dependence on UPI infrastructure operated by NPCI; any disruption or policy change could materially impact business
⚠
History of losses and uncertainty around path to sustained profitability across its diversified fintech verticals
◆ Neutral
Should You Apply?
PhonePe Limited is one of India's largest digital payments platforms, backed by Walmart, with a diversified fintech ecosystem spanning payments, insurance, lending, wealth management, and an app store. The IPO is a 100% Offer for Sale with no fresh capital being raised by the company, meaning all proceeds go to selling shareholders (Walmart group, Tiger Global, and Microsoft). As an UDRHP-I, the price band, financials detail, and subscription dates are not yet disclosed, making detailed valuation analysis premature. The company's scale, brand recognition, and Walmart backing are significant strengths, but investors should note the absence of fresh capital infusion, a history of losses in its diversified verticals, and intense competition in the digital payments space. A Neutral rating is assigned pending disclosure of pricing, detailed financials, and peer comparison data.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (8)
Kotak Mahindra Capital
J.P. Morgan
Citigroup
Morgan Stanley
Axis Capital
Goldman Sachs
Jefferies
JM Financial
Registrar to the Issue
📋
KFin Technologies Limited
Registrar to the Issue