PhonePe, India's leading fintech firm, secures SEBI approval for IPO
20 Jan 2026

PhonePe, India's leading digital payments platform, has received the green light from the Securities and Exchange Board of India(SEBI) for its Initial Public Offering (IPO).

The company is now gearing up to file its Updated Draft Red Herring Prospectus (UDRHP) in the near future.

The upcoming IPO will be an Offer For Sale by existing shareholders, with no additional primary capital being raised.

PhonePe's market dominance and financial performance
Market leader

PhonePe dominates India's digital payments space with a whopping 45% share in UPI transactions. According to NPCI data, the company processed an impressive 9.8 billion transactions in December 2025 alone.

For the fiscal year 2024-25, PhonePe reported revenues of ₹7,115 crore—a massive 40% increase from the previous year.

The company also turned free cash flow positive with an operating cash flow of ₹1,202 crore and adjusted PAT (excluding ESOP costs) more than tripling to ₹630 crore.

PhonePe's IPO: A potential game-changer for fintech sector
Industry impact

PhonePe's public listing is expected to set a major precedent for India's digital payments industry.

It could also open the doors for other fintech unicorns looking at public markets.

The approval from SEBI is a major step toward this milestone event, which will be closely watched by investors and market analysts alike.