India Business Journal - PhonePe gets SEBI’s approval for IPO, may mop up Rs 12,000 cr in public offer

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PhonePe gets SEBI’s approval for IPO, may mop up Rs 12,000 cr in public offer

IBJ Bureau
Jan 21, 2026

Walmart-owned PhonePe has received approval from the Securities and Exchange Board of India (SEBI) to go ahead with its IPO, sources close to the matter have said. The company, which had confidentially filed its IPO papers last September, will be filing an updated Draft Red Herring Prospectus soon.

According to sources, the company could be looking to raise around Rs 12,000 crore primarily through the Offer For Sale (OFS) route. Besides parent Walmart, PhonePe’s investors include General Atlantic, Ribbit Capital, Tiger Global and TVS Capital Funds, among others.

Startups, including Meesho, Pine Labs, Groww, PhysicsWallah, Wakefit and Shadowfax have recently listed on the bourses, with several of these filings made confidentially.

PhonePe continued to lead the Unified Payments Interface (UPI) market in December 2025, with 45.4 per cent market share by volume and 48.7 per cent by value, according to data from the National Payments Corporation of India (NPCI). Google Pay and Paytm followed in second and third positions respectively.

PhonePe turned free cash flow-positive in FY25, with cash flow from operations at Rs 1,202 crore. Adjusted EBITDA (excluding ESOP cost) also more than doubled to Rs 1,477 crore. In FY25, PhonePe reported a 40 per cent year-on-year rise in revenue from operations to Rs 7,114.9 crore.