PhonePe Transitions to Public Company Ahead of IPO
Bengaluru-based fintech giant takes significant step toward listing on Indian stock exchanges
Introduction
PhonePe, the fintech company backed by Walmart, has officially transitioned from a private to a public company. This move comes as the company prepares for its Initial Public Offering (IPO) in India. The decision was formalized during an Extraordinary General Meeting held on April 16, where members approved the change of the company’s name from ‘PhonePe Private Limited’ to ‘PhonePe Limited’ .
Strategic Shift and IPO Preparations
This development marks a significant milestone in PhonePe’s journey. The company had previously redomiciled from Singapore to India in December 2022, a move that required a substantial capital gains tax payment of approximately ₹8,000 crore (around $1 billion) . This strategic shift was aimed at aligning the company’s operations with its long-term goal of listing on Indian stock exchanges.Head and Tale Media Pvt Ltd+3Zee Biz+3ETBFSI.com+3
In preparation for the IPO, PhonePe has restructured its corporate framework by establishing each of its new non-payment businesses as fully owned subsidiaries. This restructuring is intended to streamline operations and enhance transparency for potential investors .Reuters+6PhonePe+6The Financial Express+6
Financial Performance and Market Position
As of January 2025, PhonePe boasts over 590 million registered users and a network of more than 40 million merchants. The company processes over 310 million transactions daily, holding a 48.4% market share in India’s Unified Payments Interface (UPI) ecosystem .Head and Tale Media Pvt Ltd+3Business Today+3Reuters+3Head and Tale Media Pvt Ltd+2Reuters+2PhonePe+2
In fiscal year 2024, PhonePe achieved a consolidated profit of ₹197 crore, a significant turnaround from a loss of ₹738 crore in the previous year. Revenue surged by 74% to over ₹5,000 crore, underscoring the company’s robust financial health and growth trajectory .Reuters
Future Outlook
The transition to a public company and the ongoing preparations for the IPO reflect PhonePe’s commitment to expanding its footprint in the Indian fintech landscape. With a decade of operational experience and a strong user base, the company is poised to leverage its market position to attract investors and capitalize on the growing demand for digital financial services in India.
Conclusion
PhonePe’s evolution into a public company signifies a pivotal moment in its growth story. As it moves closer to its IPO, the company’s strategic initiatives and strong financial performance position it well for a successful listing on Indian stock exchanges.
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