Business Profile of PhonePe Limited
PhonePe works in powering a broad ecosystem across Payments Services, Digital Distribution Services, and Financial Services through building digital platforms for population-scale adoption. The company objective is to unlock the flow of funds and enable access to goods and services for users across India. The company operation works in three digital platforms. The first is PhonePe Platform, which serving both consumers and merchants, featuring consumer payment & services, merchant payment, lending and insurance products distribution. The other two are new platforms Share.Market & Indus Appstore which is digital investing platform offering equity trading, ETFs, futures and options, Mutual funds and another app enables users to discover, download, and update mobile apps and access digital games and applications across categories, respectively. As of March 31, 2025, according to the Redseer Report, PhonePe had 44.87 million LTD registered merchants, covering 77–80% of India’s 56–58 million trade and services merchant base.
Objective of PhonePe IPO
As per the draft red hearing prospects, the IPO issue consists only offer for sale. The offer for sale consists of 50,660,446 shares at the face value of ₨ 1.00 each aggregating up to ₹ XXXX millions. There are only OFS and main objective of company is to achieve the benefits of listing on the Stock Exchange.
Details of PhonePeI PO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to 50,660,446 Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Fresh Issue | N.A |
| N.A | |
| Offer For Sale | Up to 50,660,446 Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
PhonePe IPO: Issue Price & Size
The issue price of PHONEPELIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has only OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of PhonePe IPO
The IPO opening date of PHONEPELIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of PhonePe Limited
| Particulars (Rs in million) | Ended Sept 30 , 2025 | Ended Sept 30 , 2024 | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Income | |||||
| Revenue from operations | 39,184.69 | 32,075.16 | 71,148.58 | 50,641.33 | 29,142.87 |
| Other income | 2,560.38 | 2,521.92 | 5,165.24 | 6,580.67 | 1,691.47 |
| Total income | 41,745.07 | 34,597.08 | 76,313.82 | 57,222.00 | 30,834.34 |
| Expenses | |||||
| Payment processing charges | 10,900.01 | 7,885.44 | 16,881.78 | 11,664.38 | 6,669.66 |
| Employee benefits expense | 28,691.09 | 21,496.63 | 40,967.05 | 36,039.76 | 30,965.74 |
| Finance costs | 240.99 | 158.58 | 382.58 | 323.07 | 225.88 |
| Depreciation and amortisation expense | 5,677.41 | 6,462.04 | 13,603.11 | 11,165.66 | 5,365.88 |
| Other expenses | 15,183.18 | 10,797.58 | 22,106.45 | 18,350.04 | 15,835.18 |
| Total expenses | 60,692.68 | 46,800.27 | 93,940.97 | 77,542.91 | 59,062.34 |
| Restated P&L share of profit of associate , exceptional item and tax | ( 18,947.61 ) | ( 12,203.19 ) | (17,627.15) | (20,320.91) | (28,228.00) |
| Share of profit of associate , net of taxes | 96.97 | 135.26 | 271.55 | 254.38 | 204.51 |
| Restated profit / ( loss ) before exceptional item and tax | ( 18,850.64 ) | ( 12,067.93 ) | (17,355.60) | ( 20,066.53 ) | (28,023.49) |
| Exceptional item | 4,344.74 | – | – | – | . |
| Restated profit / ( loss ) before tax | ( 14,505.90 ) | ( 12,067.93 ) | (17,355.60) | ( 20,066.53 ) | (28,023.49) |
| Tax expense | |||||
| Current tax | 0.78 | 1.63 | 3.25 | – | – |
| Deferred tax | ( 62.46 ) | ( 37.51 ) | ( 84.75 ) | ( 104.82 ) | ( 62.80 ) |
| Total tax expense | ( 61.68 ) | ( 35.88 ) | ( 81.50 ) | -104.82 | ( 62.80 ) |
| Restated profit / (loss) | ( 14,444,22 ) | ( 12,032.05 ) | (17.274.10) | (19,961.71) | (27,960.69) |
Key financial ratios of PhonePe Limited
| Key Performance Indicators |
Units | Fiscal Year March 31 , 2025 |
Fiscal Year March 31 , 2024 |
Fiscal Year March 31 , 2023 |
| Life – till – date Registered User Base | million | 618.40 | 534.97 | 455.41 |
| Yearly Active Users | million | 402.90 | 349.02 | 301.12 |
| Monthly Active Users | million | 290.33 | 252.42 | 207.52 |
| Daily Active Users | million | 148.41 | 121.01 | 92.76 |
| Yearly Active Customers | million | 290.24 | 250.15 | 207.81 |
| Monthly Active Customers |
million | 230.08 | 197.43 | 160.73 |
| Daily Active Customers | million | 102.10 | 82.09 | 59.06 |
| Customer Transactions | billion | 90.27 | 62.36 | 39.67 |
| Customer TPV | trillion | 132.70 | 100.22 | 69.55 |
| Monthly Active Merchants |
million | 11.31 | 11.45 | 11.43 |
| Daily Active Merchants | million | 6.77 | 6.20 | 5.05 |
| Merchant Transactions | billion | 42.66 | 26.96 | 15.81 |
| Merchant TPV | trillion | 15.00 | 11.00 | 7.55 |
| Revenue from Operations | million | 71,148.58 | 50,641.33 | 29,142.87 |
| Growth in Revenue from Operations |
% | 40.50 % | 73.77 % | N.A |
| Adjusted EBITDA | million | 14,771.92 | 6,518.81 | -3,754.59 |
| Adjusted EBITDA Margin | % | 20.76 % | 12.87 % | ( 12.88 % ) |
| Adjusted EBIT Margin | % | 1.64 % | ( 9.18 % ) | ( 31.30 % ) |
| Profit / (loss) | million | ( 17,274.10 ) | -19,961.71 | ( 27,960.69 ) |
| Profit ( loss ) Margin | % | ( 22.64 % ) | ( 34.88 % ) | ( 90.68 % ) |
| Adjusted profit /(loss) | million | 6,304.52 | 1,969.95 | ( 7,387.57 ) |
| Adjusted profit (loss)Margin | % | 8.26 % | 3.44 % | ( 23.96 % ) |
| Free cash generated | million | 1,904.76 | ( 20,850.74 ) | ( 22,306.54 ) |
Promoters & Shareholding PhonePe IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 73.33% shareholding in company.
| Name of shareholder | Number of shares | Percentage of shareholding |
| Promoter & Promoter Group | ||
| WM Digital Commerce Holdings Pte. Ltd. | 371,517,890 | 73.33 |
| Public | 135,086,566 | 26.67 |
| Total | 506,604,456 | 100 |
Should You Subscribe To PhonePe IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of PhonePe IPO
Long-Term and strategic approach
The company has long term orientation stems from the conviction and commitment of its founding team to solve meaningful, large-scale problems for India, such as payments, financial services, merchant solutions and app distribution. From early in business, they have focused on building for scale, sustainability, and societal impact. This help in creating deep organizational memory, strategic clarity and execution consistency.
Trusted brand across India
PhonePe is India’s most downloaded Android mobile app owned by an Indian company (in the ‘Finance’ category) with the highest number of Daily Active Users at 156.00 million in the six months period ended September 30, 2025, according to the Redseer Report. This pattern of growing engagement is anchored by strong repeat behavior of (106.56 million) consumers in September 2025.
Market leadership in payments business
In the six months period ended September 30, 2025 and Fiscal Year 2025, company was the largest online transaction platform in India in terms of TPV according to the Redseer Report. Over the period December 2020 to September 2025, PhonePe has consistently sustained the #1 market position, in terms of number of transactions and TPV for customer-initiated transactions in UPI for 58 consecutive months, as per NPCI data.
Strong growth and revenue diversification
In FY25, PhonePe’s operational revenue grew by 40.5%, reflecting continued scale-up and improved monetization. A key growth driver has been non-UPI businesses, particularly insurance and lending, which reported a 207% year-on-year revenue increase. These segments typically carry higher margins compared to payments, reducing dependence on low-margin UPI transactions and improving the company’s long-term earnings visibility.
Risk Factors of PhonePeI PO
Negative operating cashflows
The company has history of net losses and negative cash flows from operating activities. For six months period ended September 30, 2025 and 2024 restated profit & loss were ₹(14,444.22) million, ₹(12,032.05) million, ₹(17,274.10) million, ₹(19,961.71) million and ₹(27,960.69) million, respectively. They also experienced negative cash flows used in investing activities and financing activities in the past. If company continues to incur losses and negative cash flows in the future, it has an adverse effect on operations and growth plans of company.
Limited pricing pass-through risk
The company is required to pay payment processing charges to financial institutions (such as PSPs), payment gateways and other institutions for processing or facilitating transactions on its platforms. In the event that their payment processing charges payable to financial institutions increase significantly, and company is not able to pass on these higher processing charges to merchants or consumers, company margins and profitability may decrease significantly.
Regulatory Compliance Risk
The company is subject to various legal and regulatory requirements, including oversight and inspection by most of the major Indian financial regulators, including the Reserve Bank of India (“RBI”), Securities and Exchange Board of India (“SEBI”), and Insurance Regulatory & Development Authority of India (“IRDAI”) etc. Any changes in, or non-compliance with, applicable legal or regulatory requirements may adversely affect company operations.
High competitive pressure
PhonePe face substantial competition within India’s financial services market, which has companies that have digital payments offerings such as consumer payments and merchant payments, and other offerings such as insurance, lending and mutual fund distribution. If company is unable to compete effectively then business, financial condition, results of operations, cash flows and prospects will be materially and adversely affected.
PhonePe IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the PHONEPE LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
