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The proposed IPO is a pure OFS or offer for sale with participation from Walmart and investors Tiger Global and Microsoft
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Phonepe's adjusted EBITDA (excluding ESOP costs) more than doubled to Rs 1,477 crore from the previous year
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The aggregator license is part of the RBI’s regulatory framework aimed at tightening oversight of digital payment intermediaries and ensuring consumer protection.
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The move follows the Reserve Bank of India’s (RBI) tightened Payment Aggregator (PA) and Payment Gateway (PG) guidelines, issued on September 15, which bar PAs from facilitating payments to entities with whom they lack a direct contractual relationship.
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PhonePe said the collaboration will offer SMICC's lending expertise through PhonePe's reach, enabling easier credit access for underbanked micro-merchants.
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In a statement, the RBI said a statutory inspection of the company was conducted by the central bank with reference to its operations for the period from October 2023 to December 2024
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To be sure, IPO-bound PhonePe still dominates the UPI payments landscape, with a little over 45 percent market share, so these figures do not shift the competitive landscape materially
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IPO likely to be sized at Rs 10,000–13,000 crore ($1.2–1.5 billion) and will be a mix of fresh issue and offer for sale. Walmart, Tiger Global and General Atlantic likely to be among the key investors who might seek part-monetisation via the IPO
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During a meeting held on August 29, government officials also sought suggestions from the industry on the rules for the Promotion and Regulation of Online Gaming Act, 2025
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Ahead of its upcoming IPO, the country’s largest mobile payments player is looking to augment its revenue with multiple cobranded credit card partnerships
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Shivnath Thukral will be part of the leadership team at PhonePe and work closely with founders Sameer Nigam and Rahul Chari to strengthen policy engagement and drive strategic initiatives
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PhonePe enters co-branded credit card space with UPI-enabled offering in partnership with HDFC Bank
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The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, says report
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As per the NPCI database, POP is currently the 21st largest UPI player in the country, processing 13.6 million transactions in May 2025, with a total transaction value exceeding Rs 500 crore.
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Daruwala, a veteran with over three decades of banking experience, retired from Standard Chartered in April after serving as the CEO for nine years. Before that, she was with ICICI Bank for 26 years.
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The Walmart-owned PhonePe is the country’s largest mobile payment company with close to 50 percent market share
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PhonePe CEO Sameer Nigam and Razorpay CEO Harshil Mathur have also been elected to the governing council, which in the past has been accused of toeing the line of 'big tech' firms
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PhonePe is the largest UPI player with 47 percent volume and over 50 percent value market share
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From cashback and vouchers to lucky draws, here's how leading UPI apps in India reward customers for making digital payments.
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At the company’s extraordinary general meeting on April 16, it was decided to change the name from PhonePe Private Limited to PhonePe Limited
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Xiaomi will pre-install Indus Appstore on devices sold in India and also replace its app marketplace GetApps on existing devices
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The initiative aims to streamline data exchange and resolve operational issues within the financial sector
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The milestone for the country's largest fintech firm coincides with its preparation for initial public and in the 10th year of its operations.
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Walmart is the majority shareholder and other investors include the likes of Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent and Qatar Investment Authority
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The shift in Flipkart’s sale event resulted in flat growth for Walmart’s overall international revenues. The Bentonville-based retail major’s net sales for this segment in Q4 grew just 0.7 percent YoY to $32.2 billion.
