PhonePe Files Confidential DRHP With SEBI for $1.5 Billion IPO as FY2025 Revenue Surges 40%

PhonePe confidentially filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India in late September 2025. The Walmart-backed unified payments interface platform is targeting a $1.5 billion initial public offering that would value the company at approximately $15 billion. The confidential filing route allows the company to engage with SEBI's review process without making the full prospectus publicly available at this stage.

In the year ended March 2025, PhonePe's operating revenue rose 40% to Rs 7,115 crore.

LOSSES NARROW AS ADJUSTED PROFIT CLIMBS

PhonePe's net loss narrowed by 13.5% to Rs 1,727 crore in FY2025. On an adjusted basis — excluding employee stock option costs — the platform recorded a profit of Rs 630 crore.