PhonePe Eyes IPO: Walmart-backed fintech taps top bankers

Country's biggest fintech firm PhonePe has roped in bankers -- Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley -- for launching its initial public offering, sources aware of the development said.

The Walmart group firm had last raised Rs 7,021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (about Rs 1 lakh crore) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global in the financial year 2023.

"PhonePe has appointed Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley for launching the IPO. The details of the IPO are yet to be discussed and finalised," a source, who did not wish to be identified, told PTI.

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When contacted, PhonePe declined to comment on the development.

PhonePe investors, led by Walmart, paid almost Rs 8,000 crore (close to USD 1 billion) in taxes to the Indian government to affect PhonePe's domicile shift to India from Singapore in 2022.

Founded in 2016, PhonePe has raised around Rs 18,000 crore till date.

The company was last reported to have over 61 crore registered users and more than 4 crore merchants on its platform.

As of May 2025, PhonePe had recorded more than 34 crore daily transactions and total payment value of over Rs 150 lakh crore through its platform.

PhonePe had posted a consolidated net profit, excluding ESOP costs, of Rs 197 crore for fiscal year 2023-24. It had incurred a loss of Rs 738 crore in the preceding fiscal.

Revenue in FY24 was Rs 5,064 crore, 73.7 per cent higher than Rs 2,914 crore in FY23.

Inputs from PTI