PhonePe Files Confidential IPO Papers with SEBI, Narrows Losses and Lifts Revenue in FY25

New Delhi, September 25, 2025: Digital payments major PhonePe has announced that it has filed its IPO papers confidentially with the Securities and Exchange Board of India. The filing was done through the pre-filling route, which allows companies to have more flexibility in adjusting the listing plans and keeping the details about its business and IPO secret for the time being.

A company spokesperson confirmed the filing, stating that PhonePe has submitted the Pre-filed Draft Red Herring Prospectus (PDRHP) with SEBI and stock exchanges. Furthermore, the company has hired international and domestic banks, including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, to manage the IPO.

40% Surge In Revenue With Narrowed Losses

PhonePe has showcased significantly improved financials in FY25. Its revenue from operations surged by 40.5% year-on-year, rising from ₹5,064 crore in FY24 to ₹7,115 crore. The company also narrowed its losses to ₹1,727.4 crore, from the ₹1,996.1 crore loss it incurred in FY24.

In FY23, PhonePe raised ₹7,021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (approximately ₹1 lakh crore), from investors such as General Atlantic, Ribbit Capital, Tiger Global, TVS Capital Funds, and Walmart.

Expanding Business Footprint

PhonePe has expanded its business and services beyond payments into multiple financial and consumer tech services. The diversified portfolio of its business now includes Insurance, lending, and wealth management solutions, Pincode (e-commerce initiative), Share.Market (stockbroking platform), and Indus Appstore (alternative app marketplace).

The confidential IPO filing by PhonePe adds to the rising trend of confidential IPO filing. Previously companies such as Groww parent Billionbrains Garage Ventures, PhysicsWallah, Turtlemint, Shadowfax, Shiprocket, boAt parent Imagine Marketing, and Tata Capital, have filed their IPO through the confidential route. This provides them with greater flexibility to make changes to their IPO structure and keep their business factors secret until a few days before the IPO.

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