IPO · Financial Services

PhonePe files draft prospectus ahead of public listing

By Startup Enthusiast · 12 August 2026

What they do

PhonePe offers UPI payments, investments, insurance, and merchant solutions to consumers and businesses

The company filed a Draft Red Herring Prospectus with SEBI after changing its name to PhonePe Limited via an EGM on 16 Apr 2025

FY2026 revenue rose 73% to INR 5,064 crore as the firm posted an adjusted profit of INR 197 crore

PhonePe Private Limited changed its name to PhonePe Limited following approval at an Extraordinary General Meeting in April 2025.
The company filed a Draft Red Herring Prospectus (DRHP) with SEBI ahead of its planned public listing.
FY2026 revenue increased by 73% year-on-year to reach INR 5,064 crore.
PhonePe reported an adjusted profit of INR 197 crore, reversing a loss of INR 738 crore in the prior year.
The firm serves over 700 million registered users across India and international markets like Singapore and the UAE.
Its merchant network includes 50 million+ merchants, covering 98.61% of all pin codes in India.
PhonePe holds a 47.7% share of UPI transaction volume as of December 2024 according to NPCI data.
The company launched SmartPOD hardware combining audio confirmation with traditional POS card acceptance at Global Fintech Fest 2025.

The IPO filing signals the company's readiness for a public listing after years of private backing.
Profitability achieved in FY2026 demonstrates operational efficiency despite the zero-MDR regime for small merchants.
Market dominance is evident with PhonePe and Google Pay controlling over 80% of the UPI market share.
Regulatory changes regarding MDR on business-directed transactions above ₹2,000 may impact future revenue models.

Core offerings include UPI payments, mutual funds, gold savings, insurance, and lending products for consumers.
Merchant solutions feature payment gateways, aggregator services, and offline partner programs leveraging third-party software.
Hardware products like SmartSpeaker provide audio payment confirmations in regional and celebrity voices.
Consumer solutions encompass co-branded credit cards, travel bookings, bill payments, and international remittances.
Investment products allow daily SIPs starting at ₹10 and monthly gold SIPs starting at ₹100.
The platform supports over 11 Indian languages to cater to diverse linguistic demographics across the country.
Field force consists of 25,657 team members and over 31,000 commissioned agents for rural expansion.
Payment gateway features include instant onboarding, developer-friendly APIs, and support for UPI AutoPay and tokenisation.

The company plans to proceed with its public listing following the DRHP filing with SEBI.
NPS integration via BHIM and PhonePe is expected to be announced at Global Fintech Fest 2026.