PhonePe plans $1.5 billion IPO: Walmart-backed fintech eyes $15 billion valuation; files DRHP with SEBI

PhonePe Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) late Tuesday night, taking the confidential route.The company confirmed the development and said the filings were made in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, reported ET.PhonePe is targeting a $1.5 billion IPO, which will value the Walmart-backed payments major at around $15 billion. The move positions PhonePe alongside Bengaluru-based fintech startup Groww, which filed its updated prospectus with SEBI on September 16.In its latest financials, PhonePe reported a narrowing of net losses in FY25 to Rs 1,727 crore, down from Rs 1,996 crore in FY24. The company’s operating revenue rose 40% to Rs 7,114.8 crore, up from Rs 5,064 crore the previous year.While payments remain the core of PhonePe’s business, the company has also expanded into credit, insurance, and wealth management through multiple subsidiary entities. Earlier this month, PhonePe secured a payment aggregator licence from the Reserve Bank of India, enabling it to offer online merchant payment services.The IPO reflects PhonePe’s growing position in India’s fintech landscape, leveraging its diversified services and improved financial performance to attract investors.