Newsletter
PhonePe, the Walmart-backed digital payments solution platform has filed its draft papers for IPO with SEBI.
The deets: the company is choosing the confidential route for this IPO and is planning to raise ₹12,000 crore from the markets.
By the numbers: the company recently posted solid growth in financials as revenue rose 40% YoY at ₹7,115 crore.
The profits also jumped 220% to ₹630 crore. While the losses for the same period narrowed down 13% to ₹1,727.4 crore. These numbers could be attributed to the company’s foray into loan distribution and stock broking services besides their core payments platform.
Big picture: the news is significant as PhonePe currently holds the largest market share in India’s digital payments landscape. It has 600+ million registered users and 330 million daily transactions.
Besides Paytm's parent One97 Communications, this would be the second company in the segment to go public. With India’s digital payments market expected to grow ₹577 trillion by 2028-29, the conditions are ripe for PhonePe to uphold its reigning position.
