PhonePe gets SEBI nod for India's second largest fintech IPO

Fintech giant PhonePe has received SEBI approval for its long-awaited $1 billion-plus IPO, according to sources.

Sources added that the company is expected to file an updated draft red herring prospectus (UDRHP) in the coming days.

The Walmart-owned fintech giant filed its DRHP with SEBI confidentially in September 2025. At that time, reports indicated it aimed to raise around INR 12,000 crore ($1.35 billion) through a full offer for sale (OFS).

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PhonePe has raised nearly $2.3 billion since its founding, with investors including Microsoft and Tiger Global. Its upcoming IPO is expected to be one of the largest new-age tech listings of 2026. The company began preparing for the IPO last year, converting into a public entity in April 2025 and conducting an ESOP buyback of up to INR 700–800 crore before filing its DRHP.

PhonePe is the leading UPI player in India, holding an average market share of 45–46%. In FY25, its operating revenue grew 40.5% to INR 7,114.8 crore from INR 5,064.1 crore in FY24 while its net loss fell 13.5% to INR 1,727.4 crore.

Over the years, PhonePe has expanded into a full-stack financial services platform, offering loans, insurance, stockbroking, travel bookings and more.

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