India's Largest Fintech IPO Looms: PhonePe Secures SEBI Approval, Files UDRHP Soon As Offer For Sale

PhonePe has received SEBI approval for its much-awaited IPO and will soon file the updated Draft Red Herring Prospectus. The offering will be a pure Offer for Sale by existing shareholders with no fresh capital raised. Leading India's UPI market with over 45% share, PhonePe processed 9.8 billion transactions in December 2025, reported ₹7,115 crore revenue (up 40% YoY) in FY25.

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PTI Updated: Tuesday, January 20, 2026, 02:56 PM IST
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New Delhi: PhonePe has received SEBI approval for its IPO, and the company will be filing its Updated Draft Red Herring Prospectus (UDRHP) soon, setting the stage for India's most anticipated fintech IPO in the near horizon, as per sources familiar with the development. The IPO will be an Offer For Sale by existing shareholders. The company will not be raising any additional primary capital in the IPO, said the sources.

PhonePe leads India's digital payments market with over 45 per cent market share in UPI transactions. In December 2025, the company processed 9.8 billion transactions, according to NPCI data. The company had posted Rs 7,115 crore in revenue for FY24-25, marking a 40 per cent year-on-year increase.

The company also turned free cash flow positive with operating cash flow of Rs 1,202 crore. Its adjusted PAT (excluding ESOP costs) more than tripled to Rs 630 crore. PhonePe's public listing will set a crucial benchmark for India's digital payments sector and could pave the way for other fintech unicorns eyeing public markets. 

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Published on: Tuesday, January 20, 2026, 02:56 PM IST

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